Elon Musk’s baby, Tesla, and Panasonic want to start production next year of photovoltaic components (necessary for the solar process). The two companies are already working together because Panasonic is producing their car batteries, but this new partnership hinges on Tesla finalizing its purchase of the solar panel seller SolarCity in November.
Tesla and Panasonic Team Up
Tesla announced the new partnership late Sunday and Panasonic confirmed that it had signed a basic non-binding agreement with Tesla, but made no further comment. Once Tesla announced its plans to buy SolarCity, a merger between the two was the next logical step. Shareholders from both companies will vote on the acquisition next month. (Musk is the CEO of Tesla, owns more than 20% of SolarCity, and is the chairman, while his cousin Lyndon Rive is the chief executive of SolarCity.)
Right now Tesla plans to use the cells and modules produced in Buffalo with its energy storage products Powerwall and Powerpack.
Source: CNN
