Silicon Valley electric car manufacturer Tesla Motors got another shot in the arm today from German auto giant Daimler, which took a 10 percent stake in the company and expanded its partnership with Tesla to equip future Mercedes-Benz vehicles with electric lithium-ion batteries. Mercedes has been testing Teslaâs batteries in a fleet of 100 smart cars, and is already moving into limited production. But with this agreement, Mercedes now expects to roll out its first battery-powered Mercedes-Benz in 2010, and offer battery-powered vehicles for all of its models by 2012.
The amount invested was not disclosed, but even more valuable to Tesla is the vote of confidence from one of the worldâs leading auto companies. In a press release, Daimler proclaims: âTesla is the only production automaker selling a highway capable electric vehicle in North America and Europe.â
The money will no doubt help as well, since Tesla still needs a few hundred million dollars to produce its own $50,000 Model S, which is half the price of its first car, the Tesla Roadster.