Panasonic Gains $800M Following Elon Musk Denial Of Samsung SDI Info For Battery Supply

Tesla Motors battery is supplied by Panasonic. Elon Musk, CEO of Tesla Motors inc. clarified after a published Twitter rumour stated that Samsung SDI will be supplying batteries for the forthcoming sedan model, Tesla Model 3.

Musk responded that Tesla Motors is working exclusively with Panasonic, claims other than that are false. Tesla spokeswoman responded to an inquiry made by Reuters on Tuesday that the company is working with the prominent battery suppliers worldwide. No detailed comment was stated about a specific manufacturer name, Los Angeles Times reported.

The Tesla Model S alongside Tesla Model X are using cells from Panasonic. However, rumours say that Tesla will add Samsung SDI as a supplier to assist the company's battery manufacturing plant and produce additional batteries to cover demands, CNBC reported. The two companies are rumoured to be in discussions with the supply cells for Tesla's energy storage and powerwall product.

According to reports, Elon Musk's tweet is worth $580 million while $800 million was gained by Panasonic on the same day. Recently, Samsung SDI has an 8 percent increase in shares after a 6.3 percent a day earlier.

Tesla news often makes a huge impact on its suppliers. Hankook Tire and LG Chem experienced the soars in sales when rumours broke out that they were making components for Tesla cars. Hota Industrial Manufacturing has risen stock value ten times in 2013, but started dropping when Tesla searching for a second supplier was reported.

Tesla is silent about the issues involving the battery cost because a domino effect may occur in its chain of suppliers. However, analysts are critical about the CEO's plan and its history of late delivery in 2015.  Musk claimed that the Tesla Model 3 will be a game-changer once they officially release their supplies to car dealers worldwide in 2017.