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Tesla No Longer Buys All Solar Panels From Panasonic Joint Venture Factory

Author: Source: Datetime: 2018-08-25 12:58:15
Panasonic said that Tesla has withdrawn from the agreement and will no longer purchase products from the solar panel factory operated by Tesla and Panasonic.

The joint venture plant in Buffalo, New York, announced a joint venture with Panasonic in Tesla's $260 million acquisition of SolarCity in 2016 to produce solar modules for SolarCity. However, the decline in Tesla's solar sales business could jeopardize the joint venture plant.
Tesla No Longer Buys All Solar Panels From Panasonic Joint Venture Factory
Matsushita said the company began producing solar cells and components at its Buffalo plant in New York in August 2017. Under the agreement at the time, Tesla will purchase all of the joint venture's products for its residential solar panel business. But Matsushita said that the contract was revised earlier this year and Tesla stopped buying all of its products. Since then, the plant has been selling its solar modules to other panel manufacturers. Tesla will also purchase some battery components and components from the factory. In this regard, some insiders said that this indicates that Tesla's solar business is in trouble.

SolarCity is a solar panel sales and installation company founded by two cousins of Tesla CEO Elon Musk, who served as chairman of the SolarCity board of directors. In June, Tesla cut its 9% staff, which means Tesla will significantly reduce SolarCity's business, including: closing about 12 solar installations; and ending retail cooperation with Home Depot.

According to statistics, SolarCity's business has been shrinking. SolarCity's solar installations reached 253 MW in the fourth quarter of 2015, and fell to 76 MW in the first quarter of this year. Representatives of Tesla have not yet commented.
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