Company Website:
http://www.teslamotors.com
PALO ALTO, Calif. -- (Business Wire)
Panasonic Corporation and Tesla
Motors (NASDAQ:TSLA) today announced that Panasonic has invested $30
million in Tesla. The investment was made through the purchase of Tesla
common stock in a private placement at a price of $21.15 per share. The
investment builds upon a multi-year collaboration of the two companies
to accelerate the market expansion of the electric vehicle.
Naoto Noguchi, President of Energy Company, a unit of Panasonic, and Tesla CEO Elon Musk. (Photo: Business Wire)
Panasonic is the world’s leading battery cell manufacturer and a diverse
supplier to the global automotive industry. Tesla currently uses
Panasonic battery cells in its advanced battery packs and has
collaborated with Panasonic on the development of next generation
battery cells designed specifically for electric vehicles. While Tesla’s
current battery strategy incorporates proprietary packaging using cells
from multiple battery suppliers, Tesla has selected Panasonic as its
preferred lithium-ion battery cell supplier for its battery packs.
“Panasonic aims to be the number one Green Innovation Company in the
Electronics Industry by 2018, the 100th anniversary of our founding,”
said Naoto Noguchi, President of Energy Company, a unit of Panasonic
responsible for the battery cell business. “Our sophisticated
lithium-ion battery cell technology, combined with Tesla’s
market-leading EV powertrain technology, helps us fulfill this goal by
promoting sustainable mobility. We are proud to strengthen our
relationship with Tesla Motors.”
“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 CEO and cofounder Elon
Musk. “Panasonic offers the highest energy-density cells and
industry-leading performance with cutting edge Nickel-type cathode
technology. We believe our partnership with them will enable us to
further improve our battery pack while reducing cost.”
In addition to producing its own vehicles, Tesla also builds electric
powertrains, including battery packs, for other automobile
manufacturers. Panasonic and Tesla intend to explore joint marketing and
sales of battery packs that would be designed and assembled by Tesla
using Panasonic’s battery cells.
About Panasonic
Panasonic Corporation is a worldwide leader in the development and
manufacture of electronic products for a wide range of consumer,
business, and industrial needs. Based in Osaka, Japan, the company
recorded consolidated net sales of 7.42 trillion yen (US$79.4 billion)
for the year ended March 31, 2010. The company's shares are listed on
the Tokyo, Osaka, Nagoya and New York (NYSE:PC) stock exchanges. For
more information on the company and the Panasonic brand, visit the
company's website at http://panasonic.net/.
About Tesla Motors
Tesla's goal is to produce a full range of electric cars, from premium
sports cars to mass market vehicles – relentlessly driving down the cost
of electric vehicles. It is currently the only automaker in the U.S.
that builds and sells highway-capable EVs in serial production. Palo
Alto, Calif.-based Tesla designs and manufactures EVs and EV powertrain
components. Tesla has delivered more than 1,300 Roadsters to customers
in North America, Europe and Asia. The Tesla Roadster accelerates faster
than most sports cars yet produces no emissions. Visit Tesla online at www.teslamotors.com.
Safe Harbor Disclosure
Certain statements in this press release, including statements relating
to Tesla's expectations regarding its partnership with Panasonic,
including anticipated battery pack improvements and cost reductions, and
anticipated joint marketing and sales of battery pack by the parties are
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995 that are subject to risks,
uncertainties and other factors. Without limitation, among the factors
that could cause actual results to differ materially from those
indicated by such forward-looking statements are: the parties' ability
to jointly improve battery performance and cost, successfully conduct
joint marketing and sales of battery packs, and other risks detailed in
Tesla's quarterly report on Form 10-Q for the quarter ended June 30,
2010 and other publicly available filings with the Securities and
Exchange Commission. All forward-looking statements reflect Tesla's
expectations only as of the date of this release and should not be
relied upon as reflecting Tesla's views, expectations or beliefs at any
date subsequent to the date of this release. Tesla disclaims any
obligation to update information contained in these forward-looking
statements whether as a result of new information, future events, or
otherwise.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6495469&lang=en
Contacts:
Panasonic Corporation
Overseas Public Relations Office
Tel:
03-6403-3040
Fax: 03-3436-6766
or
Panasonic News Bureau
Tel:
03-3542-6205
Fax: 03-3542-9018
or
Panasonic U.S. contact:
Jim
Reilly, 201-392-6067
or
Tesla Motors
press@teslamotors.com
United
States contact:
Khobi Brooklyn, 650-681-5452
Japan Contact:
Atsuko
Doi, 090-1844-7922
Source: Tesla Motors
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