Electric vehicle battery maker Panasonic has invested US$30m in electric car maker Tesla which it supplies.
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The investment was made through the purchase of Tesla common stock in a private placement at a price of $21.15 per share. The investment builds upon a multi-year collaboration of the two companies to accelerate the market expansion of the electric vehicle.
Panasonic is the world’s leading battery cell manufacturer and a diverse supplier to the global automotive industry. Tesla currently uses Panasonic battery cells in its advanced battery packs and has collaborated with its supplier on the development of next generation battery cells designed specifically for electric vehicles. While Tesla’s current battery strategy incorporates proprietary packaging using cells from multiple battery suppliers, Tesla has selected Panasonic as its preferred lithium-ion battery cell supplier for its battery packs.
Tesla also builds electric powertrains, including battery packs, for other automobile manufacturers. It intends to explore joint marketing and sales of battery packs that would be designed and assembled by Tesla using Panasonic’s battery cells.
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By GlobalData
