Tesla Motors Inc. and Panasonic
Corp. completed work on an agreement to begin manufacturing solar cells and
modules at Tesla’s factory in Buffalo, New York, eventually bringing some 1,400
jobs to the region.
Production will begin this
summer, with the factory’s output capacity expanding to 1 gigawatt by 2019, the
companies said in a statement Tuesday. Panasonic will invest more than 30
billion yen ($256 million) on the installation of production equipment, Yayoi
Watanabe, a spokeswoman for the Osaka-based company, said by phone. The total
investment wasn’t disclosed in the statement.
Among the jobs being created are
more than 500 manufacturing positions. Palo Alto, California-based Tesla is
expanding its manufacturing base in the U.S. and Chief Executive Officer Elon
Musk is on President-elect Donald Trump’s business advisory team.
“We already knew about this deal,
but now it’s finalized,” said Ben Kallo, an analyst with Robert W. Baird.
“Panasonic is covering the capital costs, and Tesla is buying the modules.
You’re seeing the stock break out a bit.”
Tesla shares rose 3 percent to
$219.84 at 1:09 p.m. New York time and have declined about 8.2 percent this
year.
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