Tuesday, May 19, 2009

Tesla given a vote of confidence as Daimler acquires a 10% stake

The car industry all over the world seems to be facing a very challenging moment as sales continue to fall and governments go ahead with green legislations to limit CO2 emissions. Manufacturers have started investing in research and development of electric cars however with the current credit crunch companies are finding hard to find sources of finance.

This was the case of Tesla, a Silicon Valley-based manufacturer of electric-powered sports cars. However, Daimler has given it a fresh breath of air...The German company has invested an undisclosed sum of money and acquired 10% of Tesla's stake. This investment has brought the two companies closer to each other as they already contributed on a number of projects. In fact,Daimler and Tesla already co-operate on Daimler’s electric version of the Smart car as it has been providing lithium-ion battery packs and charging electronics for the first 1,000 units. About 100 of the cars are currently being tested in London, and Daimler plans to begin production of them at a plant in France later this year.

Given that Tesla is a pioneer in the development of electric cars, this strategic alliance represents an important step for Daimler to accelerate the commercialisation of electric cars. Although a number of large car manufacturers plan to launch electric cars over the next few years, Tesla is one of the first to have one available for sale on its website.

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