Panasonic buys $30-million stake in Tesla
Tesla Motors Inc. shares surged Thursday after Panasonic Corp., which makes rechargeable batteries among its many products, bought a $30-million stake in the electric car company.
Panasonic, based in Osaka, Japan, paid $21.15 a share Wednesday in a private placement, Palo Alto-based Tesla said in a statement. Panasonic now holds about a 2% stake in the company. In afternoon trading, Tesla shares jumped $3.13, or 14.4%, to $24.90.
Last week, Tesla opened the doors of its Fremont, Calif., factory, where it will build its $57,400 Model S sedan and future vehicles. The auto assembly facility had closed its doors in April, right before Tesla bought it in May.
The start-up also makes the $109,000 electric Roadster. The company has forged a partnership with Panasonic to develop next-generation lithium ion batteries and currently uses Panasonic technology for advanced battery packs in the Roadster.
The Japanese electronics giant joins investors including Daimler and Toyota, which sank $50 million into Tesla earlier this year. The start-up’s much-anticipated initial public offering in June pushed its stock price up 40% in the first day.
