At this point, it’s just getting crazy!
First there was CARRIER.
Then US STEEL.
And now…..Telsa and Panasonic are getting in on the action with a $256 million investment in Buffalo, NY set to bring over 1200 jobs to the area with a new solar cell production plant!
Panasonic Corp (6752.T) will invest more than 30 billion yen ($256 million) in a New York production facility of Elon Musk’s Tesla Motors (TSLA.O) to make photovoltaic (PV) cells and modules, deepening a partnership of the two companies.
Tesla’s shares were up 3.5 percent at $220.75 in early trading on Tuesday.
Japan’s Panasonic, which has been retreating from low-margin consumer electronics to focus more on automotive components and other businesses targeting corporate clients, will make the investment in Tesla’s factory in Buffalo, New York.
The U.S. electric car maker is making a long-term purchase commitment from Panasonic as part of the deal, besides providing factory buildings and infrastructure.