Panasonic Corp. is investing $30 million in Tesla Motors Inc., the U.S. maker of electric sports cars, eyeing expansion in the global market for green vehicles, both sides said Thursday.
Panasonic, Japan's biggest electronics maker, will acquire about a 2% stake in Tesla, purchasing Tesla common stock at $21.15 per share.
Panasonic, which already makes batteries for Tesla vehicles, said the two firms will jointly market and sell battery packs for electric cars.
Shares in Panasonic jumped 3.7% to 1,181 yen Thursday following the announcement of the capital tie-up with Tesla.
Apart from Panasonic, Toyota Motor Corp. already has invested $50 million in the high-end electric car maker. Toyota, the world's No. 1 automaker, has also signed a $60 million contract to have Tesla help develop an electric version of Toyota's RAV4 crossover vehicle.
''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 Chief Executive Elon Musk. ''We believe our partnership with them will enable us to further improve our battery pack while reducing cost.''
