Panasonic Pulls out of Tesla Solar Power Joint Venture

Panasonic Pulls out of Tesla Solar Power Joint Venture
Tesla Motors Inc Chief Executive Elon Musk pauses during a news conference in Tokyo on September 8, 2014. Toru Hanai/REUTERS
Alan McDonnell
Updated:
Japanese electronics giant Panasonic says it is pulling out of its ‘Gigafactory’ solar roof joint venture with Tesla, according to a company statement.

Panasonic will wind down production of photovoltaic cells and modules as part of streamlining its global solar strategy. The company’s U.S. solar manufacturing operations will cease by the end of May and it will vacate the Buffalo, New York, facility by the end of September.