Daimler AG (NYSE: DAI) has acquired an equity stake of nearly 10% of premium electric car maker Tesla Motors Inc.
Daimler said it paid "around $50 million" for its share in Tesla.
The two companies have already been working closely to integrate Tesla’s lithium-ion battery packs and charging electronics into the first 1,000 units of Daimler’s electric smart car. The investment enables the companies to collaborate even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.
Tesla Chairman, CEO and Product Architect Elon Musk, said "Among others the lithium-ion pouch-cell battery developed by Daimler and especially designed for automotive applications is of interest to us. 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."
As part of the collaboration, Prof. Herbert Kohler, Vice President E-Drive and Future Mobility at Daimler AG, will take a seat on Tesla’s board of directors.
Daimler is also moving forward the industrialization of lithium-ion technology. In March, the company founded the Deutsche Accumotive GmbH, a joint venture with Evonik Industries AG. As a result, Daimler is one of the first vehicle manufacturer worldwide that develops, produces and markets batteries for automotive applications. This is based on a Daimler stockholding in Li-Tec, the German specialist for lithium-ion battery cells.
In 2004, Tesla began development of its first electric vehicle, the Roadster, which remains the only highway capable EV for sale in North America or Europe. The Tesla Roadster is the first production battery electric vehicle to travel more than 200 miles per charge and the first US- and EU-certified lithium-ion battery electric vehicle.
Based in Silicon Valley, Tesla unveiled its second vehicle, the Model S ,in March and plans to produce it in California starting in late 2011.
German carmaker Daimler AG (NYSE: DAI) and utility RWE (RWE.DE) plan to open recharging stations for electric vehicles in Berlin at the end of 2009.
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