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Japan's Panasonic, which has been retreating from low-margin
consumer electronics to focus more on automotive components and
other businesses targeting corporate clients, will make the
investment in Tesla's factory in Buffalo, New York.
The U.S. electric car maker is making a long-term purchase
commitment from Panasonic as part of the deal, besides providing
factory buildings and infrastructure.
In a joint statement on Tuesday, the two companies said they
plan to start production of PV modules in the summer of 2017 and
increase to one gigawatt of module production by 2019.
The plan is part of the solar partnership that the two companies
first announced in October, but which did not disclose
investment details.
Tesla is working exclusively with longtime partner Panasonic to
supply batteries for its upcoming Model 3, the company's first
mass-market car. Panasonic is also the exclusive supplier of
batteries to Tesla's Model S and Model X.
(Reporting by Taiga Uranaka and Makiko Yamazaki; Editing by
Muralikumar Anantharaman)
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