Japanese electronics giant Panasonic Corp. on Thursday bought a $30 million stake in California-based electric carmaker Tesla Motors Inc., according to the company.
Tesla, which became a publicly traded company earlier this year, makes the Roadster, a $100,000 sports car, which runs entirely on electricity.
The company is currently developing an upcoming Model S, a four-door plug-in performance sedan. Panasonic, which already collaborates with Tesla on electric battery technology, paid $21.15 per Tesla share on Wednesday.
“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,” said Naoto Noguchi, president of Energy Company, a subsidiary of Panasonic, in a Tesla statement.
