Tesla Motors revs forward with $30 million from Panasonic(Read article summary)
Tesla Motors, which recently opened a new factory in the California town of Fremont, has received $30 million in investment capital from Panasonic. In exchange, Panasonic gets a two percent investment stake in Tesla Motors.
Tesla Motors has received a $30 million investment from Panasonic, the Japanese electronics maker, the AFP reported today. In exchange, Panasonic receives a two-percent equity stake in Tesla Motors, the Silicon Valley company headed by PayPal and SpaceX founder Elon Musk. The two companies will work together to develop new battery packs for the fleet of Tesla vehicles.
“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 CEO Elon Musk said in a press statement today. "We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”