Tesla (TSLA) Looks to Samsung as Expansion Plans Ramp
According to Reuters, South Korea-based Samsung SDI might be a new battery & component supplier to Tesla, though a deal might not ultimately be reached. One Samsung rep said the two sides are about 90 percent there, but reports that Samsung insists that Tesla buy other components from the company -- such as touch panels -- have stalled closure.
Tesla might add Samsung as a supplier as it looks to expand. From expected production of 21,000 vehicles this year, Tesla hopes to double that number in 2014 with the introduction of the Model X and may be aiming for another vehicle introduction in 2017 or thereabouts.
Tesla's primary battery supplier is Panasonic Corp.
Testing on Samsung batteries is also said to be complete. Samsung is also said to be a battery supplier for BMW's iS vehicle.
Financial details over the potential deal weren't speculated.
Shares of Tesla are indicated for a higher open.