Daimler AG takes nearly 10% stake in Tesla

Daimler AG announced today that it has acquired an equity stake of nearly 10 percent in Tesla Motors, which strengthens their already existing relationship. The two companies have already been working on integrating Tesla’s lithium-ion battery packs into Smart and Mercedes-Benz electric cars by 2012. For a start,Tesla’s lithium-ion battery packs will be passed to 1,000 units of Smart ForTwo.

As part of Daimler’s stake in Tesla Motors, Prof. Herbert Kohler, Vice President E-Drive and Future Mobility at Daimler AG, will take a seat on Tesla Motor’s board of directors.

Source : [Daimler AG]

Press Release:

Strategic partnership: Daimler acquires stake in Tesla
- German automaker acquires nearly 10 percent of one of the leading electric vehicle companies
- Automakers agreed to cooperate in battery systems, electric drive systems and vehicle projects
Daimler AG has acquired an equity stake of nearly 10 percent of Tesla Motors Inc. This investment deepens the relationship between the inventor of the automobile and the newest member of the global auto industry. Tesla is the only production automaker selling a highway capable electric vehicle in North America and Europe.
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. In order to benefit from each other’s know-how, the investment enables the partners to collaborate even more closely on the development of battery systems, electric drive systems and in individual vehicle projects.
“Our strategic partnership is an important step to accelerate the commercialization of electric drives globally,” said Dr. Thomas Weber, Member of the Board of Daimler AG, responsible for Group Research and Mercedes-Benz Cars Development. “As a young and dynamic company, Tesla stands for visionary power and pioneering spirit. Together with Daimler’s 120 years of experience in the automotive sector this collaboration is a unique combination of two company’s strengths. This marks another important milestone in Daimler’s strategy for sustainable mobility.”