America Great Again: Tesla, Panasonic Agree To Manufacture In Buffalo

Consumer Confidence Highest Since 2001

America

The Japanese tech giant Panasonic and US based electric car manufacturer Tesla said on Tuesday that they’re planning to build a new factory and start production of solar cells in Buffalo, New York.

The 2 companies just signed a memorandum of understanding (MOA) which calls for Panasonic to finance the respective joint venture, while Tesla agreed to a long term purchase commitment to the Japanese company.

Tesla, a Palo-Alto-California based EV manufacturer aims to create 1400 jobs in Buffalo, New York and 500 more in manufacturing, with further expansion plans in New York State.

The factory in Buffalo will be developed/built by SolarCity Corp., another California-San Mateo based renewable company which is also owned by Tesla.

SolarCity is specialized in the manufacturing of photo-voltaic modules and cells, which are going to be used in solar panels for solar glass tile roofs and non-solar roof products.

Even if today’s statement offered no financial figures, it was said that Tesla and Panasonic will work together in the future for developing the next generation technology with regard to renewable energies.

New York State agreed to spend 750 million dollars for building/outfitting the plant in Buffalo, while SolarCity promised to invest up to 5 billion dollars in the next 10 years, hiring at least 2000 people across New York  and 1500 workers at the RiverBend site.

It’s worth mentioning that consumer confidence climbed abruptly after Donald Trump’s election as America’s 45th President, reaching the highest level since 2001, according to a Tuesday report courtesy of the New York Conference Board.

Also, according to the respective report, American households are very optimistic about the future Donald Trump administration, as they’re more upbeat compared to the the last 13 years with regard to prospects for their incomes, labor market and the US economy generally speaking.

The post election surge in optimism and the noticeable jump in business/household sentiment is due to Donald Trump’s pledge to cut taxes, ease regulations and boost jobs.

“The post-election surge in optimism for the economy, jobs and income prospects, as well as for stock prices which reached a 13-year high, was most pronounced among older consumers.Looking ahead to 2017, consumers’ continued optimism will depend on whether or not their expectations are realized.”

 

reads Conference Board’s director of economic indicators Lynn Franco’s statement.

 

Source Yahoo, Bloomberg