Panasonic Corp will invest more than 30 billion yen ($256-million) in a
New York production facility of Elon Musk’s Tesla Motors to make
photovoltaic (PV) cells and modules, deepening a partnership of the two
companies.
Panasonic to invest over $256-million in Tesla’s U.S. plant for solar cells - The Globe and Mail
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.
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