Panasonic to invest in Tesla PV cell plant

Tokyo

PANASONIC Corp will invest more than 30 billion yen (S$370 million) in a New York production facility of Elon Musk's Tesla Motors to make photovoltaic (PV) cells and modules, deepening the partnership between the two companies.

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.