Elon Musk in 90 Seconds
The electric automaker, which is already working with Panasonic to produce car batteries, wants to start productionof photovoltaic components at the SolarCity (SCTY) factory in Buffalo as soon as next year.
Tesla (TSLA) announced the new partnership in a blog post late Sunday. Panasonic (PCRFF) confirmed it signed a basic non-binding agreement with Tesla, but did not comment further.
The plan hinges on Tesla finalizing its purchase of the solar panel seller SolarCity in November.
The two companies have been heading towards a merger since Tesla announced its plans to buy SolarCity in August. Shareholders in the two companies will vote on the acquisition next month.
Some analysts are not happy with the deal, pointing to the speed at which SolarCity has been burning through its cash reserves in recent months.
Tesla CEO Elon Musk owns more than 20% of SolarCity and is the company’s chairman. Musk’s cousin Lyndon Rive is the chief executive of SolarCity.
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