Get 40% Off
🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

UPDATE 1-Tesla, Panasonic to collaborate on solar cells production

Published 2016-10-17, 12:04 a/m
© Reuters.  UPDATE 1-Tesla, Panasonic to collaborate on solar cells production
TSLA
-
SCTY
-
6752
-

(Adds background)

Oct 17 (Reuters) - Elon Musk's Tesla Motors TSLA.O said it would collaborate with Japan's Panasonic Corp 6752.T to manufacture solar cells and modules in New York.

Under the agreement, which is a non-binding letter of intent, Tesla said it will use the cells and modules in a solar energy system that will work seamlessly with its energy storage products Powerwall and Powerpack. Japanese company is already working with the U.S. automaker to supply batteries for the Model 3, its first mass-market car. is expected to begin production at the Buffalo facility in 2017 and Tesla intends to provide a long-term purchase commitment for those cells, Tesla said in a statement, adding the agreement is contingent on shareholders' approval of its acquisition of SolarCity.

Last week Tesla and SolarCity Corp SCTY.O shareholders agreed to vote on the proposed merger on Nov. 17, and the automaker said it would provide plans for the combined company ahead of the vote.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.