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NEW YORK (TheStreet) -- Shares of Tesla Motors(TSLA - Get Report) are advancing 2.31% to $254.89 on reports that its Gigafactory in Nevada will receive hundreds of Panasonic(PCRFY) workers to make electric car batteries at the plant, according to Reuters.

"The Gigafactory represents a fundamental change in the way large scale battery production can be realized," Tesla's Chief Technical Officer and co-founder J.B. Straubel said in a statement. "Not only does the Gigafactory enable capacity needed for the Model 3 but it sets the path for a dramatic reduction in the cost of energy storage across a broad range of applications."

The two companies last year signed an agreement that lays out their cooperation on the construction of a large-scale battery manufacturing plant in the U.S., known as the Gigafactory.