In 2016 Panasonic invested over $256 million in Tesla’s Solar Cell Plant. The deal, was to produce solar cells at Tesla’s “Gigafactory 2” plant in Buffalo, N.Y.
The facility produced photovoltaic cells and modules.
The joint venture deepened the relationship between the two companies, which already had established a partnership to produce battery cells at Tesla’s factory near Reno, Nev.
Yet, Panasonic said that it was going to stop solar manufacturing operations in May 2020.
Panasonic said, “it will have no impact on Panasonic and Tesla’s strong partnership in Nevada.” Both companies continue their electric vehicle battery production at Tesla’s Gigafactory.
Tesla’s acquisition of Maxwell Technologies made the relationship with Panasonic strained. This was fueled by the speculation that Tesla wanted to make its own batteries.
The 380 jobs at the factory on Buffalo will be employed by Tesla elsewhere. They will support Tesla’s own battery manufacturing operations in Buffalo.
The companies will continue their electric vehicle battery manufacturing at Tesla’s Gigafactory.
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