Panasonic invests $30 million in Tesla
The Japanese company takes a 2 percent stake in electric-car maker Tesla, which says it now will look on Panasonic as a preferred supplier for key battery technology.
Japanese electronics giant and battery manufacturer Panasonic has invested $30 million in Tesla Motors, the U.S. automaker best-known for its all-electric luxury sports car, both companies announced Thursday.
Per the terms of the deal, Panasonic, which already has a, purchased Tesla common stock at $21.15 per share, acquiring approximately a 2 percent stake in the company.
Tesla, which also builds power trains for use in electric vehicles in addition to manufacturing cars, has previously used battery components from a variety of companies. But the company announced Thursday that it "has selected Panasonic as its preferred lithium-ion battery cell supplier for its battery packs."
The investment coincides with Panasonic's changing dynamic and vow to reshape itself around new core businesses. It's been expanding its battery business into EV batteries since 2008, is in the process of green tech by 2012, including technology for home-energy monitoring systems., and announced in 2009 that in developing products focused on
The deal is a feather in the cap of Tesla, a relatively new car company that has been slowly building a following and brand, but.
"It is an honor and a powerful endorsement of our technology that Panasonic, the world's leading battery cell manufacturer, would choose to invest in and partner with Tesla," Tesla co-founder and CEO Elon Musk said in a statement.
Panasonic is not the only stalwart to put money into the start-up car company.
in June shortly after Tesla's initial public offering. The two companies signed a deal under which Tesla will produce two car models for the Japanese automaker, and to that end
, last week, will produce those cars for Toyota as well cars for the Tesla brand. was converted from a closed New United Motor Manufacturing (NUMMI) factory and will produce Tesla's Model S, an all-electric sedan that is expected to have a larger reach than the company's flagship model, the Tesla Roadster luxury sports car.
Tesla has also expanded into making power trains for other automakers, signing a partnership with Daimler to make the power train for.