Panasonic to invest over $256 million in
Tesla's U.S. plant for solar cells
Send a link to a friend
[December 27, 2016]
TOKYO (Reuters) - Panasonic Corp
<6752.T> will invest more than 30 billion yen ($256 million) in a New
York production facility of Elon Musk's Tesla Motors <TSLA.O> to make
photovoltaic (PV) cells and modules, deepening a partnership of the two
companies.
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.
![](http://archives.lincolndailynews.com/2016/Dec/27/images/ads/current/ldn_medical_directory_small2.png)
The plan is part of the solar partnership that the two companies first
announced in October, but which did not disclose investment details.
[to top of second column] |
![](../images/122716pics/news_c3.jpg)
A Tesla logo is seen on media day at the Paris auto show, in Paris,
France, September 30, 2016. REUTERS/Benoit Tessier/File Photo
![](http://archives.lincolndailynews.com/2016/Dec/27/images/ads/current/castlemanor_lda_051916.png)
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)
[© 2016 Thomson Reuters. All rights
reserved.]
Copyright 2016 Reuters. All rights reserved. This material may not be published,
broadcast, rewritten or redistributed. |