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Panasonic to invest $260M in a solar cell plant that will supply

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TOKYO-- Panasonic Corp. expects to invest more than $260 million in a Buffalo, N.Y., plant that will make photovoltaic cells and modules for Tesla Motors Inc.(TSLA), Panasonic said Tuesday.


Tesla (TSLA) said in October that it would work with Panasonic in completing the Buffalo plant (http:// www.marketwatch.com/story/tesla-to-partner-with-panasonic-to-make-solar-panels-at-buffalo-factory-2016-10-17-14103308), which originally was to be a SolarCity Corp. manufacturing plant. Tesla completed its acquisition of SolarCity in November.


Tesla said Tuesday that it is reaffirming its commitment to create more than 1,400 jobs in Buffalo, including more than 500 manufacturing jobs. Tesla's agreement with Panasonic calls for the Japanese company to cover capital costs in Buffalo, while Tesla will make a long-term purchase commitment from Panasonic.


An expanded version of this report appears at WSJ.com (http://www.wsj.com/articles/panasonic-to-put-260-million-into- plant-supplying-solar-cells-to-tesla-1482833914?mod=mktw).

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December 27, 2016

"The $900 million factory project, begun by SolarCity before it was bought by Tesla, is also being built with incentives from New York worth $750 million.


When fully operational, it will be the largest producer of photovoltaic modules in North America, eventually churning out as many as 10,000 units per day and employing more than 1,400 people, including 500 manufacturing jobs."








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