Panasonic Plans to Cut Ties With Tesla on Solar Cell Manufacturing
While Tesla's (NASDAQ: TSLA) electric-car business has been growing rapidly, this hasn't been the case for the company's solar business. After hyping up its plans for solar products following the acquisition of SolarCity in late 2016, the new business has floundered. This remains the case even recently, with megawatts of solar deployed in the fourth quarter of 2019 falling 26% year over year.
It's not surprising to hear on Wednesday, therefore, that Panasonic Corporation is cutting its ties with Tesla when it comes to solar cell manufacturing at the company's Gigafactory in Buffalo, New York.
A Tesla vehicle, Powerwall, and Solar Roof. Image source: Tesla.
Source Fool.com
