Panasonic Breaks Ties With Tesla on Solar-Panel Plant -- WSJ
2020年2月27日 - 5:02PM
Dow Jones News
By Tim Higgins and Jimmy Vielkind
This article is being republished as part of our daily
reproduction of WSJ.com articles that also appeared in the U.S.
print edition of The Wall Street Journal (February 27, 2020).
Panasonic Corp. will end its partnership with Tesla Inc. that
produces solar panels at a factory in Buffalo, N.Y., the latest
fissure between the two companies that have been close partners in
their push to sell electric cars.
The Japanese company on Wednesday said it would stop production
in May and exit the factory by September. Tesla assured New York
officials -- the state spent $959 million to build and equip the
factory -- that it would continue production of its solar roof in
Buffalo and had exceeded required job counts, according to a memo
sent to these officials on Tuesday that was reviewed by The Wall
Street Journal.
A Tesla spokesman didn't respond to an email seeking
comment.
Tesla and Panasonic have been working together closely for
years, principally with the Japanese company providing batteries
for the electric vehicles the Silicon Valley automobile maker has
been producing. Tesla owns a multibillion-dollar battery factory in
the Nevada desert, known as the Gigafactory, which produces
lithium-ion batteries for Tesla cars and represents a push for the
Japanese electronic giant more broadly to power electric
vehicles.
But the relationship between the two partners has become
strained. The companies have sparred over battery costs and the
running of the Gigafactory, amid production delays. More recently,
though, Tesla Chief Executive Elon Musk praised the Nevada facility
for "massive growth" in battery-cell production.
As Tesla has expanded production of its cars, it has sought ties
with other battery makers. It struck a deal with China's
Contemporary Amperex Technology Co., or CATL to furnish batteries
for Tesla's new car plant in Shanghai where it builds Model 3 cars.
Tesla also has a battery-supplier agreement with South Korea's LG
Chem Ltd.
Panasonic last year downgraded its car-parts business,
previously seen as a growth driver, to the category of units
needing improvement. These developments suggest that both sides of
the Tesla-Panasonic relationship are dialing back its strategic
importance.
Both companies said the Buffalo decision wouldn't affect their
joint venture in Nevada.
Howard Zemsky, chairman of Empire State Development, the New
York economic development authority that oversees the factory, said
Tesla planned to hire as many of the 380 Panasonic employees
working there as possible. Panasonic said it would help find jobs
for any workers that Tesla didn't hire.
"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, according to Tesla," Mr. Zemsky said
Tuesday.
Tesla, in partnership with Panasonic, began operations at the
Buffalo plant in April 2018. The company leases the facility from
the state for $1 a year over 10 years and has committed to spending
$5 billion on capital and operating expenses in the state. Tesla
faces a $41.2 million penalty if it doesn't employ 1,460 people in
western New York by April.
The memo said Tesla had 1,500 full-time employees and
contractors working in the factory with a starting hourly wage of
$17. The figures don't include Panasonic's workers, the memo
said.
Mr. Zemsky said the state was verifying the company's
statements.
Tesla hopes to produce 1,000 solar roofs a week at the facility,
the memo said, and is also making components for energy storage and
Superchargers, Tesla's proprietary electric-vehicle charger. Solar
cells are only a small part of Tesla's business.
Mr. Musk tweeted on Feb. 10 that Tesla would host a company talk
from the Buffalo factory in April.
Gov. Andrew Cuomo, a Democrat, has hailed the factory as a
cornerstone of his efforts to revitalize the upstate New York
economy. The factory was also at the center of a 2016 bid-rigging
scheme that led to the conviction of a state official and three
construction executives.
Mr. Cuomo said Wednesday that the factory was "never about
Panasonic" and that the facility has "exceeded its goal,
period."
Legislators in both parties have questioned the efficacy of the
state's investment. During a hearing earlier this month, State Sen.
John Liu, a Democrat from Queens, bet Empire State Development
President Eric Gertler $1 that Tesla wouldn't meet its job-creation
requirement.
"Be ready to claw back that money. They're not going to make
it," Mr. Liu said.
Mr. Gertler didn't accept his bet.
--Sean McLain contributed to this article.
Write to Tim Higgins at Tim.Higgins@WSJ.com and Jimmy Vielkind
at Jimmy.Vielkind@wsj.com
(END) Dow Jones Newswires
February 27, 2020 02:47 ET (07:47 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
Panasonic (PK) (USOTC:PCRFY)
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