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Daimler buys 10% stake in Tesla
By | May 19, 2009
When a major car manufacturer gets into bed with a small electric car company it makes us think that there might be more to battery powered automobiles. During a press conference held at the Mercedes-Benz Museum in Stuttgart this morning, Dr. Thomas Weber, the head of research and development for Mercedes-Benz, announced that Daimler is buying a 10% stake in Tesla Motors. Tesla CEO Elon Musk was also on hand for the announcement. The companies did not specify the amount paid by Daimler, other than it was in the double digit millions. Daimler will be providing Tesla with engineering support and possibly parts that may go into the Model S. Tesla, meanwhile, will continue providing battery packs for the second-generation Smart ED starting later this year. Tesla will also focus on battery pack integration and battery management systems for Daimler going forward.
Daimler’s Prof. Herbert Kohler (who is in charge of e-drive systems at the German automaker) will take up a board seat at Tesla and oversee development at the California Company.
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