“We already knew about this deal, but now it’s finalized,” said Ben Kallo, an analyst with Robert W. Baird. “Panasonic is covering the capital costs, and Tesla is buying the modules. You’re seeing the stock break out a bit.”Like this? Use form in upper right to receive free updates
The announcement underscores deepening ties between Tesla and Panasonic. The two are building a $5 billion lithium-ion gigafactory east of Reno, Nevada, to produce batteries for both electric cars and energy storage products. In October, Tesla revealed plans to work with Panasonic to make solar cells and modules. Tesla acquired solar installer SolarCity for $2 billion. Mr. Musk revealed plans for a new solar-roof made of glass tiles in late October.