Daimler Partners with Startup Tesla Motors
May 20, 2009 by Stephen Kersey
Filed under Business
Tesla Motors, the American automaker startup company that focuses on electric vehicles, has formed a partnership with Daimler. In the partnership, the two automakers will share information about vehicle projects, electric drive systems and battery systems. Additionally, Daimler has acquired approximately 10% of Tesla Motors.
While the exact amount that Daimler paid hasn’t been release, a few industry experts believe the amount to be in the $50 million ballpark. By partnering with Tesla Motors, Daimler hopes to be able to quickly advance in the electric car market.
Said Dr. Thomas Weber of Daimler: “Our strategic partnership is an important step to accelerate the commercialization of electric drives globally. 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 companies’ strengths. This marks another important milestone in Daimler’s strategy for sustainable mobility.”
Tesla Motors was also excited about the partnership.
“Daimler has set the benchmark for engineering excellence and vehicle quality for more than a century,” said Elon Musk, Tesla Motors CEO. “It is an honor and a powerful endorsement of our technology that Daimler would choose to invest in and partner with Tesla.”
Daimler makes cars under many brands including Mercedes-Benz, Smart and Maybach. Telsa expects to have a Model S sedan available in late 2011 that has zero emissions and is all electric.
Tesla Roadster (Image: Flickr)
