Tesla Motors looked troubled for a while, but things are starting to turn around in a really big way for the small electric vehicle maker. The company has purchased a new plant to build future EVs in and has a big investment from Toyota to develop hardware for Toyota EVs as well.
Electronics giant Panasonic has announced that it has invested $30 million in Tesla by purchasing common stock at $21.15 per share. The investment builds on an existing multi-year commitment between the two firms to expand the EV market.
Panasonic is huge in battery construction and development and it’s easy enough to imagine the two firms working together on tech to increase the driving range of EVs by designing better batteries. Panasonic is the preferred lithium-ion battery cell supplier for Tesla.