Panasonic has today announced that its has made a $30 million investment into Tesla Motors the Silicon Valley electric car manufacturer and designer. Through purchase of common stock in a private placement at a price of $21.15 per share.
Panasonic already supplies Tesla Motors with a standard-sized cylindrical battery cell which are used to power the firm’s electric roadster sports model.
The companies are now looking towards developing battery packs using Panasonic’s cells. With the market for lithium ion batteries for electric and hybrid vehicles expected to balloon to more than 40 times its current size in the next five years. Eventually overtaking the consumer battery market.