Panasonic will invest more than $256 million in a Tesla factory in New York to make photovoltaic cells and modules. Roselle Chen reports.
Tesla and Panasonic are taking their partnership to the next level. Panasonic is investing $256 million in a Tesla's factory in Buffalo, New York, to start production of solar cells and panels in the summer of 2017. In return, Tesla is making a long-term purchase commitment, besides providing factory buildings and infrastructure. Tesla said it will use Panasonic's cells and modules for its energy storage products, Powerwall and Powerpack. In a joint statement on Tuesday, the two companies said they plan to speed up to one gigawatt of module production by 2019. The plan is part of the solar partnership the two companies first announced in October. Panasonic already makes batteries for Tesla's Model S, Model X, and upcoming Model 3, the company's first mass-market car.