Tesla says it hopes to work with Panasonic on solar energy

Markets Associated Press

U.S. electric car maker Tesla says it plans to start working with Japanese electronics company Panasonic Corp. on solar energy.

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Panasonic had no immediate comment Monday on Tesla's statement on its corporate blog that the companies have signed a non-binding letter of intent to begin collaborating on production of photovoltaic cells and modules at Panasonic's facility in Buffalo, New York.

The deal requires shareholders' approval of Tesla's planned acquisition of San Mateo, California-based solar-panel company SolarCity Corp.

Palo Alto, California-based Tesla said the cells and modules would be used with its energy storage products. Tesla CEO Elon Musk says SolarCity's installation network and Tesla's global energy storage could provide customers a one-stop shop for sustainable energy and transportation. Shareholders are due to vote on the acquisition on Nov. 17.