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Panasonic to exit solar production at Tesla’s New York plant as partnership frays – Source Reuters Tech News

TOKYO/LOS ANGELES (Reuters) – Panasonic Corp (6752.T) said it would exit solar cell production at Tesla Inc’s New York plant, the latest sign of strain in a partnership where Panasonic’s status as the U.S. electric vehicle (EV) maker’s exclusive battery supplier is ending.

FILE PHOTO: The Panasonic booth is shown during the 2020 CES in Las Vegas, Nevada, U.S. January 7, 2020. REUTERS/Steve Marcus

The move increases uncertainty over Tesla’s (TSLA.O) solar business which is already under scrutiny, having been drastically scaled back since the U.S. firm bought it for $2.6 billion in 2016.

Tesla has informed New York that Panasonic’s withdrawal “has no bearing on Tesla’s current operations”, the state said in a statement. The company employs over 1,500 jobs in the city of Buffalo, clearing its 1,460 commitment before April – and thereby avoiding a $41 million penalty – the state said.

Panasonic said in a statement on Wednesday that it would cease production by the end…

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Source Reuters Tech News

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