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Posted on November 17, 2010 by  & 

Panasonic Invests $30 Million in Tesla

Panasonic, rival of Nissan, Oxis Energy, PolyPlus Battery Company, LGChem, Samsung and others in traction battery manufacture has invested $30 million in Tesla. Tesla makes a hugely successful small pure electric sports car modelled on a Lotus in contrast to Lightning Car Company which plans a full GT pure electric sports car. Tesla intends to move into family car manufacture.
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 Panasonic 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.
"Panasonic aims to be the number one Green Innovation Company in the Electronics Industry by 2018, the 100th anniversary of our founding," said Naoto Noguchi, President of Energy Company, a unit of Panasonic responsible for the battery cell business. "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."
"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," said Tesla CEO and cofounder Elon Musk. "Panasonic offers the highest energy-density cells and industry-leading performance with cutting edge Nickel-type cathode technology. We believe our partnership with them will enable us to further improve our battery pack while reducing cost."
In addition to producing its own vehicles, Tesla also builds electric powertrains, including battery packs, for other automobile manufacturers. Panasonic and Tesla intend to explore joint marketing and sales of battery packs that would be designed and assembled by Tesla using Panasonic's battery cells.
For more attend: Future of Electric Vehicles which uniquely covers the whole electric vehicle market - land, sea, air whether hybrid or pure EV - with emphasis on future breakthroughs. There is much from Nissan, BMW, Fiat and others. $30 billion BAE Systems will present on its seried hybrid bus powertrains which rival Siemens AG versions in being the most successful in the world. KPIT Cummins of India will reveal a low cost hybrid conversion for buses and other commercial vehicles. AFS Trinity Power Corporation describes new progress with the Advanced Hybrid System Architecture & Fast Ultracapacitor Energy Storage Systems involved. Eindhoven University of Technology reveals energy harvesting active suspension being prepared for market. Early bird bookers get the $3000 new report, "Electric Buses and Taxis 2011-2021" absolutely free of charge. There are visits to KleenSpeed (200mph Formula Two car and new family car) and SunPods (solar charging stations).
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