Panasonic ends partnership with Tesla
Still, the two companies plan to continue their joint work on automotive batteries for Tesla's electric vehicles
Stocks impacted: Panasonic Corp (6752), Tesla Inc (TSLA)
Within its plan to cut costs by closing underutilized production lines, the Japanese electronics company decided to end partnership with Tesla to produce solar cells at Gigafactory New York. Under the deal, solar sells made by Panasonic were also supposed to be used for Tesla's solar panels. It was in 2016 that the companies announced their joint venture to produce solar cells at Tesla's Gigafactory 2 in upstate New York. At the same time, the two companies plan to continue their joint work on automotive batteries for Tesla's electric vehicles. Share prices of Panasonic dropped nearly 1% on the news while Tesla stocks finished 4% lower on Tuesday and could extend losses today.
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