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Panasonic to Invest Over $256 Million in Tesla's US Plant for Solar Cells
Dec. 29, 2016 09:58AM PST
Cleantech InvestingTesla Motors (NASDAQ:TSLA) are receiving an investment from Panasonic (TYO:6752), who 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 hit a high of $221.94 in early trading on …
Tesla Motors (NASDAQ:TSLA) are receiving an investment from Panasonic (TYO:6752), who 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 hit a high of $221.94 in early trading on Tuesday.
As quoted in the press release:
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.