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S&P500
2267.24
-7.4
-0.33%
NASDAQ
5540.9
-33.21
-0.60%
NYSE
11227.168
+23.023
+0.2055%
GOOG
803.8
-4.08
-0.51%
YHOO
42.07
-0.2
-0.47%
AAPL
119.583
+0.543
+0.456%
AMZN
809.7
-7.44
-0.9105%
FB
127.407
-0.933
-0.727%
BPOP
43.65
-0.75
-1.69%
EVTC
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-0.15
-0.84%
OFG
12.9
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FBP
6.53
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GTS
20.96
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Tesla, Panasonic Agree to Make PV Cells in Buffalo, New York

By on December 27, 2016

In this April 30, 2015, file photo, Tesla Motors CEO Elon Musk unveils the company's newest products, in Hawthorne, Calif. Tesla Motors and SolarCity are going to sell solar roof tiles that are customizable and meant to look like a traditional roof. The energy-generating tiles are their first product as a combined company, though the contentious deal is not yet finalized. Tesla proposed buying SolarCity in June in an all-stock deal worth around $2.45 billion. Shareholders are expected to vote on the deal on Nov. 17, 2016. (AP Photo/Ringo H.W. Chiu, File)

Tesla CEO Elon Musk (AP Photo/Ringo H.W. Chiu, File)

TOKYO – Japanese electronics company Panasonic and U.S. electric car maker Tesla said Tuesday they plan to begin production of photovoltaic cells and modules at a factory in Buffalo, New York.

The two companies said they finalized an agreement calling for Tokyo-based Panasonic to pay capital costs for the manufacturing. Palo Alto, California-based Tesla made a “long-term purchase commitment” to Panasonic.

Their statement gave no financial figures.

The factory in Buffalo is under development by SolarCity Corp., a San Mateo, California-based solar panel company owned by Tesla. The PV cells and modules it produces will be used in solar panels for non-solar roof products and solar glass tile roofs that Tesla plans to begin making, the announcement said.

Production is due to begin in mid-2017. Tesla said it will create 1,400 jobs in Buffalo, 500 in manufacturing and plans further expansion in Buffalo.

Panasonic also is to work with Tesla on next-generation technology, the companies said.

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