German carmaker Daimler is paying a rumoured USD50m to acquire a stake of nearly 10% in California-based electric car firm Tesla Motors. As part of the deal, the pair will collaborate on developing battery and electric drive systems. The investment and collaboration builds on a partnership established in January, in which Tesla will supply battery packs and chargers for Daimler’s Smart cars in the US.
"Daimler is also on the leading edge in the field of sustainable mobility. Among others the lithium-ion pouch-cell battery developed by Daimler and especially designed for automotive applications is of interest to us,? says Tesla CEO, Elon Musk.?We are looking forward to a strategic cooperation in a number of areas including leveraging Daimler's engineering, production and supply chain expertise. This will accelerate bringing our Tesla Model S to production and ensure that it is a superlative vehicle on all levels."
In March, Tesla unveiled its Model S sedan electric vehicle which it claims has received more than 1,000 order reservations. The car is expected to cost USD49,900 after a federal tax credit and have a driving range of 300 miles per charge.
In December, Daimler formed a joint venture with Evonik Industries to develop battery technology. The firm also took a 49.9% stake in its subsidiary Li-Tec.
StrategyEye's related categories: Traditional Vehicle Manufacturers
StrategyEye's related companies: Daimler AG
