STUTTGART, Germany — German automaker Daimler has paid an estimated $50 million to acquire nearly 10 percent of Tesla Motors, the California-based manufacturer of high-performance electric vehicles. Daimler and Tesla will cooperate on development of batteries and electric drive systems.
The deal was revealed Tuesday, just as President Obama was announcing plans for sweeping changes in automotive fuel-economy and emissions regulations.
The alliance between Daimler and Tesla is an outgrowth of an earlier deal under which Tesla is supplying 1,000 lithium-ion battery packs for the Smart Fortwo EV.
"Our strategic partnership is an important step to accelerate the commercialization of electric drives globally," said Thomas Weber, the Daimler board member responsible for group research and Mercedes-Benz car development.
Tesla founder and CEO Elon Musk added: "We are looking forward to a strategic cooperation in a number of areas including leveraging Daimler's engineering, production and supply-chain expertise. This will accelerate bringing our Tesla Model S to production and ensure that it is a superlative vehicle on all levels."
The $57,400 Model S was unveiled in March, but production has been delayed until late 2011. Musk told The New York Times that Tesla expects to build about 12,000 cars in 2012 and 20,000 by 2013. The company's only current model, the two-passenger Tesla Roadster, starts at $109,000.
Daimler meanwhile is ramping up electric-vehicle production. In addition to the Smart Fortwo EV, the company will introduce a pure-electric Mercedes-Benz vehicle in 2010 and expects to ramp up large-scale production of several EV models by 2012.
Inside Line says: Tesla may wind up dipping into the Mercedes parts bin for its new Model S. — Paul Lienert, Correspondent
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