Back to top
Read MoreHide Full Article

Luxury electric car maker Tesla Motors (TSLA - Free Report) and electronics manufacturer Panasonic (PCRFY - Free Report) announced over the weekend that they have teamed up to produce photovoltaic cells and modules in a Buffalo, New York factory.

This is not the first time Tesla and Panasonic have collaborated on energy projects. In January, Panasonic agreed to invest up to $1.6 billion in Tesla’s Gigafactory, a $5 billion Lithium-ion battery plant outside the city of Sparks, Nevada.

“We are excited to expand our partnership with Panasonic as we move towards a combined Tesla and SolarCity," said JB Straubel, chief technical Officer and co-founder of Tesla in a statement. "By working together on solar, we will be able to accelerate production of high-efficiency, extremely reliable solar cells and modules at the best cost.”

Tesla said it will use the cells and modules manufactured at the plant in a solar energy system intended to work with the company’s energy storage products Powerpack and Powerwall. Panasonic is set to begin production at the Buffalo plant in 2017, and Tesla plans to provide a long-term purchase commitment for those cells.

However, there’s a catch: the current non-binding agreement is contingent upon stockholders’ approval of Tesla’s pending acquisition of SolarCity Corp. , with the vote for this merger taking place on November 17.

For an in-depth discussion on Lithium-ion batteries and the rise of electric vehicles, make sure to check out Zacks’ free report “Electric Cars: Which Companies Will Surge?” It profiles EV technology, EV manufacturers, and the future of the electric vehicle industry. Click here to see the free report >>

Stocks that Aren't in the News…Yet

You are invited to download the full, up-to-the-minute list of 220 Zacks Rank #1 "Strong Buys" free of charge. Many of these companies are almost unheard of by the general public and just starting to get noticed by Wall Street. They have been pinpointed by the Zacks system that nearly tripled the market from 1988 through 2015, with a stellar average gain of +26% per year. See these high-potential stocks now >>

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

Tesla Inc. (TSLA) - free report >>

Panasonic Corp. (PCRFY) - free report >>

More from Zacks Stocks in the News

You May Like