Daimler Invests in Telsa Electric Car Company

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Tuesday, May 19, 2009 at 06:45PM

Daimler plans to use Tesla's battery packs late this year in Smart electric cars, leveraging its new investment in Califonia-based Telsa Electric Car Company.

Both companies previously announced Telsa would provide lithium ion batteries for the Electric Smart EV.

Daimler invested tens of millions of dollars for a 10 percent stake in Telsa, citing the importance of electric motors in future automotive production and announcing plans to roll out mass production in 2012. Daimler started developing electric motor designs and technology since for four decades, but recently partnered with Telsa for battery technology.

Design and manufacturing will be managed by Daimler, with Telsa to provide batteries and electric powertrain.

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