Electric car maker Tesla Motors will receive $30 million in investment from Panasonic Corporation, the two companies announced in a joint press release on Wednesday Nov 3.
Panasonic, the Japanese consumer electronics company based in Osaka, Japan, will purchase $30 million of Tesla common stock at the price of $21.15 per share.
Also, under the deal, Panasonic will become the primary supplier of lithium-ion battery cells for Tesla, and the two will jointly market and sell battery packs for electric 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 and cofounder Elon Musk said in a statement. “We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”
Tesla Motors, which designs and builds electric cars such as the Roadster that gets more than 200 miles per charging session, was founded in 2003 and is headquartered in California’s Silicon Valley.
Panasonic, which is known for its consumer electronics, said they are investing in Tesla to focus more on green technologies.
“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” Naoto Noguchi, President of Panasonic’s battery cell unit Energy Company, said in the release. “We are proud to strengthen our relationship with Tesla Motors.”
Panasonic, the Japanese consumer electronics company based in Osaka, Japan, will purchase $30 million of Tesla common stock at the price of $21.15 per share.
Also, under the deal, Panasonic will become the primary supplier of lithium-ion battery cells for Tesla, and the two will jointly market and sell battery packs for electric 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 and cofounder Elon Musk said in a statement. “We believe our partnership with them will enable us to further improve our battery pack while reducing cost.”
Tesla Motors, which designs and builds electric cars such as the Roadster that gets more than 200 miles per charging session, was founded in 2003 and is headquartered in California’s Silicon Valley.
Panasonic, which is known for its consumer electronics, said they are investing in Tesla to focus more on green technologies.
“Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding,” Naoto Noguchi, President of Panasonic’s battery cell unit Energy Company, said in the release. “We are proud to strengthen our relationship with Tesla Motors.”
