Panasonic to invest more than $256 million in a New York production facility of Tesla Motors to make PV cells

News Hour:

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.

Tesla’s shares were up 3.5 percent at $220.75 in early trading on Tuesday. 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, reports Reuters.

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.

Panasonic is also the exclusive supplier of batteries to Tesla’s Model S

In a 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.

Avatar

This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Advertisement

News of the Month

Scroll Up
%d bloggers like this: