Panasonic invests $30 million in Tesla Motors

Tesla Model S Concept

Tesla Motors and Panasonic announced today that Panasonic has invested $30 million in the electric-car manufacturer.

“The investment was made through the purchase of Tesla common stock in a private placement at a price of $21.15 per share,” Tesla said in a statement. “The investment builds upon a multi-year collaboration of the two companies to accelerate the market expansion of the electric vehicle.”

Tesla currently uses Panasonic batter cells in its advanced battery packs and has teamed up with Panasonic on the development of next generation battery cells designed specifically for electric vehicles. Tesla has also selected Panasonic as its preferred lithium-ion battery cell supplier for its battery packs.

“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” said Naoto Noguchi, President of Energy Company, a unit of Panasonic responsible for the battery cell business. “Our sophisticated lithium-ion battery cell technology, combined with Tesla”s market-leading EV powertrain technology, helps us fulfill this goal by promoting sustainable mobility. We are proud to strengthen our relationship with Tesla Motors.”

– By: Omar Rana