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Here is why Panasonic is withdrawing from solar cell manufacturing at Tesla plant

Japan’s Panasonic Corp is reportedly looking withdraw from solar cell production at Tesla Inc’s plant in New York .

The news agency Reuters citing sources with direct knowledge of the matter reports that the decision has been taken looking into the raising uncertainty over the U.S. firm’s struggling solar business.

The agency notes that the “The move would come as the Japanese electronics company scrambles to divest of unprofitable businesses as its strategic shift to components from consumer electronics struggles to drive profit growth.”

The Japanese firm will retain its automotive battery joint venture with Tesla in the U.S. state of Nevada.

The matter is still under discussion and there is no official words from both the parties