October 7, 2014 / 2:47 AM / in 3 years

Panasonic says initial investment in Tesla battery factory will be 'tens of billions' of yen

A visitor looks at a display showing Panasonic network loudspeakers during the IFA Electronics show in Berlin September 4, 2014.Hannibal Hanschke

CHIBA Japan (Reuters) - Panasonic Corp's (6752.T) initial investment in Tesla Motors Inc's (TSLA.O) battery factory will amount to "tens of billions" of yen, the Japanese company's chief executive said on Tuesday.

Chief Executive Kazuhiro Tsuga also told reporters that he did not think the yen's current exchange was "bad", as long as it remained stable. He did not give any more details.

California-based electric car maker Tesla has been hammering out the final details of the plant that will produce cheaper and more efficient battery packs for its vehicles.

Panasonic has agreed to produce lithium ion cells for battery packs and will fund part of the cost of the plant.

Reporting by Reiji Murai; Editing by Miral Fahmy

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