TOKYO/LOS ANGELES (Reuters) – Panasonic Corp (6752.T) plans to exit solar cell production at Tesla Inc’s (TSLA.O) 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 nears its end.
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 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 firm 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.
The withdrawal comes as Panasonic scrambles to divest of unprofitable businesses as its…
Source Reuters Tech News
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