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Panasonic Acquires 2% Stake in Tesla

Shares in Panasonic jumped 3.7 percent to 1,181 yen Thursday following the announcement.

Published: 04-Nov-2010

TOKYO (AP) — Panasonic Corp. is investing $30 million in Tesla Motors Inc., the U.S. maker of electric sports cars, eyeing expansion in the global market for green vehicles, both sides said Thursday.

Panasonic, Japan's biggest electronics maker, will acquire about a 2 percent stake in Tesla, purchasing Tesla common stock at $21.15 per share.

Panasonic, which already makes batteries for Tesla vehicles, said the two firms will jointly market and sell battery packs for electric cars.

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