Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Tokyo  >  Panasonic Corporation    6752   JP3866800000

PANASONIC CORPORATION

(6752)
  Report  
SummaryChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsOfficial PublicationsSector newsAnalyst Recommendations

Panasonic : Tesla's New York solar factory making other products in bid to boost jobs

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/15/2019 | 06:07pm EDT
FILE PHOTO: A Tesla logo is seen in Los Angeles

(Reuters) - Tesla Inc on Wednesday said its solar factory in Buffalo, New York, would become the "manufacturing home" for its electric vehicle Supercharger cabinets and other energy storage products as it seeks to meet employment targets tied to state subsidies.

The company disclosed the move in an annual report to New York state in which it said it had exceeded its jobs and investment commitments thus far. But the company must add hundreds more workers in New York to meet next year's target.

Tesla employs 329 workers at the factory and about 300 others elsewhere in the state, the report said. It was required to have at least 500 employees in the state by April 30 of this year in exchange for $750 million in subsidies for the Buffalo facility, which is known as the RiverBend factory.

By this time next year, it must employ 1,460 workers in the state, including 500 at the factory, according to Empire State Development, the state's economic development arm.

Tesla also said it has invested $381.9 million total in New York state as of April 30, including $179.3 million in the previous year.

"We’re committed to investing in Buffalo and the State," Tesla said in an emailed statement.

Tesla's manufacturing partner, Panasonic Corp, has about 400 employees at the Buffalo plant. It was not immediately clear whether those jobs are included in the count toward meeting the state targets. Panasonic manufactures solar cells and assembles panels at the factory for Tesla and others.

"We are pleased that Tesla is reporting that it has exceeded its job and investment commitments," Pamm Lent, spokeswoman for Empire State Development, said in an emailed statement. "In the coming weeks, ESD will perform the necessary due diligence to verify the data provided by Tesla.”

Tesla's plan to manufacture solar products in New York has come under scrutiny as the company drastically scaled back the U.S. solar business it acquired in 2016 with the $2.6 billion purchase of SolarCity.

At the time, it planned to use the factory to make a trailblazing product called the Solar Roof, an energy system meant to look like normal roof tiles. But that product has been far slower to reach the market than promised, and Panasonic is shipping most of the cells originally intended for the Solar Roof to customers overseas. Panasonic has also sought other customers for its Buffalo-made panels.

(Reporting by Nichola Groom; Editing by James Dalgleish and Tom Brown)

By Nichola Groom

Stocks mentioned in the article
ChangeLast1st jan.
PANASONIC CORPORATION -1.00% 904.6 End-of-day quote.-5.77%
TESLA 2.16% 196.89 Delayed Quote.-42.09%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on PANASONIC CORPORATION
09:50aHUAWEI : China lodges protest with U.S. over ‘bullying'
AQ
08:23aGlobal tech companies shun Huawei after U.S. ban
RE
08:20aPANASONIC : unveils the LUMIX S Full-Frame Mirrorless Cameras in Pakistan - Pres..
AQ
06:23aPANASONIC : Oracle recognises Panasonic with Markie Award for delivering legenda..
AQ
01:41aARM supply halt deals fresh blow to Chinese tech giant Huawei
RE
01:13aPANASONIC : to suspend Huawei parts supplies in wake of U.S. ban
AQ
05/22PANASONIC : suspends some component shipments to Huawei amid U.S. blacklist
RE
05/22PANASONIC S1S CINE CAMERA RUMORS : third S-series model may be video-centric
AQ
05/22PANASONIC : Autonomous Wheelchairs Navigate Proliferated Airport
AQ
05/21PANASONIC : Announces Collaboration with Tropos Motors to Advance Hyper-Efficien..
AQ
More news
Financials (JPY)
Sales 2020 8 296 B
EBIT 2020 -
Net income 2020 222 B
Debt 2020 121 B
Yield 2020 3,63%
P/E ratio 2020 9,52
P/E ratio 2021 8,83
EV / Sales 2020 0,28x
EV / Sales 2021 0,25x
Capitalization 2 219 B
Chart PANASONIC CORPORATION
Duration : Period :
Panasonic Corporation Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PANASONIC CORPORATION
Short TermMid-TermLong Term
TrendsBearishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 19
Average target price 1 214  JPY
Spread / Average Target 34%
EPS Revisions
Managers
NameTitle
Kazuhiro Tsuga President, CEO & Representative Director
Shusaku Nagae Chairman
Hirokazu Umeda Director & Chief Financial Officer
Yoshiyuki Miyabe Chief Technology Officer
Makoto Ishii Executive Officer & Head-Information Systems
Sector and Competitors
1st jan.Capitalization (M$)
PANASONIC CORPORATION-5.77%20 116
SONY CORP8.28%64 234
LG ELECTRONICS INC.--.--%10 481
TCL CORPORATION--.--%6 605
SHARP CORPORATION-5.46%4 850
CASIO COMPUTER CO LTD-1.81%2 937