Tesla Motors Inc. shares rose as much as 10 percent after Panasonic Corp., the largest maker of rechargeable batteries, bought a $30 million stake in the electric-car maker...The move is 'a powerful endorsement of our technology,' Elon Musk, Tesla's chief executive officer, said in the statement. 'We believe our partnership with them will enable us to further improve our battery pack while reducing cost.'
The partnership and investment appears to lend more legitimacy to Elon Musk's efforts to cure the world of its addiction to oil by developing the first mass-market, all-electric car. Several days ago, Telsa revealed that a deal with Toyota to supply power trains for the company's electric RAV4 is worth $60 million.
Last updated: Nov 4, 2010
Senior contributing writer MAX CHAFKIN has profiled companies such as Yelp, Zappos, Twitter,
Threadless, and Tesla for the magazine. He lives in Brooklyn, New York. @chafkin