Panasonic and Tesla begin solar panel project in New York

Panasonic Corp will invest more than 30 billion yen ($256 million) as part of its partnership with Tesla. The two partners will produce solar panels in a factory of the American company located in Buffalo (New York, United States).

After the announcement of this project last October, the two partners provide more details on the terms of their agreement. In addition to its technical expertise, the Japanese firm will also invest $256 million of financing. For its part, the American manufacturer agrees to buy the Japanese brand's products and will provide the necessary infrastructure. 

This announcement was welcomed by investors since Tesla's share climbed from 3.5% to $ 220.75 on Tuesday. If the plans are proceeding as planned, the production phase will start next summer and they are hoping to reach a Gigawatt by 2019.

Panasonic and Tesla strengthen collaboration

Recall that Panasonic is already the exclusive supplier of Tesla in terms of batteries. Its products equip the Model S and the Model X as well as the next mass electric car, Model 3. The US firm is actively preparing for a future increase in sales and improves its production capacity accordingly. Currently, it is building a factory of 500,000 m2 factory in Nevada.

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