Panasonic Corporation, the world's leading manufacturer of battery cells, is the latest multinational firm to take a minority stake in Tesla Motors, investing $30 million in a private placement. In January, the two companies announced they would collaborate on development of next-generation battery cells for electric vehicles. Panasonic's purchase of Tesla stock "builds upon a multi-year collaboration of the two companies to accelerate the market expansion of the electric vehicle," the companies said in a statement.
The connections are piling up for Tesla. In addition to its work directly with Tesla, Panasonic also has a battery supply deal with Toyota, which in turn also holds a minority stake in Tesla. Toyota and Tesla are jointly developing a battery-powered version of the Toyota RAV4. Tesla also supplies battery packs to Daimler's Smart. Daimler acquired a minority stake in Tesla in 2009.
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