They also believe that there is more "output to be gained" if they improve their current production equipment than they have "previously estimated".
The paper added some more detail saying that Panasonic originally meant to invest an additional 100 to 150 billion yen (900 million to 1.35 billion dollars) in Gigafactory 1 and says the aim was to increase capacity by 50 percent from 35 to 54 GWh.
Shares of Tesla have had a volatile ride over the a year ago as Musk has overseen the ramp-up of the company's Model 3 sedan, the company's first vehicle directed at the middle market.
Still, experts are keeping a close eye on Tesla as it continues to demonstrate soft sales.
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Alex van der Zwaan , another former Skadden lawyer, pleaded guilty past year to lying to investigators about the report. He will be subjected to 36 months probation, a fine of $5,000, and required to complete 500 hours of community service.
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"Panasonic established a battery production capacity of 35 gigawatt hours a year (GWh) in Tesla's Gigafactory 1 by the end of March 2019 in line with growing demand", Panasonic said in a statement provided to Reuters.
"A Tesla representative told Nikkei that the companies will "[.] continue to make new investments in Gigafactory 1, as needed".
Tesla's Gigafactory in Nevada where it produces battery cells for its electric vehicles. Panasonic also intends to suspend planned investment in Tesla's battery and EV plant in Shanghai, and instead provide technical support and a small number of batteries from the existing Gigafactory, the newspaper reported.
Panasonic has invested heavily in production facilities alongside Tesla, and as its battery partner, is considered the company's most important vendor. If Panasonic doesn't think a long upgrade cycle for its primary battery manufacturing plant in the U.S.is worth the investment, it probably has a good reason for this.
Panasonic is the exclusive battery cell supplier for Tesla, which in turn is Panasonic's biggest electric vehicle battery client. "It helps the company reduce the influence of Tesla".
The Japanese company said in October it would prioritize building additional capacity at the Gigafactory over China. The stock fell under pressure earlier this month when Tesla's quarterly delivery figures fell short of analysts' expectations.