After TV Exit Panasonic Gets Out Of Another Category
Days after Panasonic pulled out of the Australian TV market and after sacking their State Managers the Company has pulled the plug on a relationship with Tesla.
The Japanese Company who appear to be undertaking a major restructure said overnight that they are set to stop making solar panels at Tesla’s US factory and that they will halt all US solar manufacturing operations by the end of May. T
The change will not affect Tesla’s operations at the plant claim officials.
The move comes after Tesla reported it’s first-ever quarterly profit at the Nevada factory where it makes batteries in partnership with Panasonic for Tesla’s electric cars.
The two companies will continue their partnership there, Panasonic said.
“The decision to transition away from US solar manufacturing aligns with our global solar strategy, our efforts to optimize development and production, and supports Tesla’s long-term plans to continue and expand its operations,” Shinichiro Nakajima, director of Panasonic’s energy system strategic business, said in a statement.
Panasonic’s withdrawal from Buffalo follows scrutiny of the factory that the State of New York spent close to US $1 billion to develop.
At this stage it’s not known whether Panasonic will refund any money back to the State authority.
State Comptroller Thomas DiNapoli was auditing the project amid concerns about the slow pace of hiring at the factory, where Tesla had pledged to create at least 1,460 jobs in exchange for economic incentives. The state also wrote down the value of the plant by about $884 million last year, records show.
Empire State Development chair Howard Zemsky said “We understand that Panasonic has made a corporate decision to move away from global solar products, but this action has no bearing on Tesla’s current operations nor its commitment to Buffalo and New York State,” Zemsky said in a Tuesday statement.