In what could be seen as a wise investment from a leading electronics company or a case of throwing good money after bad, depending on your view of Tesla motors (and, more broadly, the EV market I guess), Panasonic has invested $30 million in Palo Alto-based electric vehicle manufacturer, Tesla. The deal was done in a private purchase of Tesla common stock at a price of $21.15 per share. Tesla closed today at $21.77 /share. This investment gives Panasonic about 2% ownership.
Under the new arrangement, Tesla will continue to use Panasonic battery cells in its battery packs, and give them a preferred status over other battery suppliers. and the two companies will collaborate on advanced battery strategies to drive down the cost of future EVs.
The statement from Panasonic included this from Tesla CEO Elon Musk, "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. Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. We believe our partnership with them will enable us to further improve our battery pack while reducing cost."
First Toyota, now Panasonic. This Tesla thing looks like it's going to work if it has to suck down all of the money on the planet to make it happen.
hybris says:
09:07 AM, 11/ 4/10
So when the heck are we going to some product?