Daimler Buys 10% Stake in Tesla
By wchung | 19 May, 2009

A Tesla Roadster is featured in a showroom in Menlo Park, Calif. (AP Photo/Paul Sakuma,File)

German automaker Daimler AG announced Tuesday that it has acquired a nearly 10 percent stake in California-based electric car maker Tesla Motors Inc. as part of plans to ramp up its own electric car production.

The two companies are already working together on using Tesla’s lithium-ion battery packs and charging electronics in Daimler’s electric version of its two-seat Smart car.

Tesla was incorporated in July 2003 by engineers Martin Eberhard and Marc Tarpenning in San Carlos, California. Its early investors include PayPal co-founder Elon Musk and Google co-founders Sergey Brin & Larry Page, Hyatt heir Nick Pritzker. It currently produces an all-electric roadster that sells for about $107,000 and boasts a range over over 100 miles per charge. By January it has delivered about 145 cars.

5/19/2009 MENLO PARK