The California battery-car start-up, Tesla Motors, is hoping a new deal with the electronics giant, Panasonic, will help quell lingering concerns about its long-term viability.
The market seems to agree, Tesla shares jumping 14% after word of the deal, which makes the Japanese company, a major battery supplier, its third-largest shareholder. Tesla stock opens Friday at$24.90, the highest level since the company first went public last June.
Panasonic’s purchase of 1.42 million shares follows the move, earlier this year, by Toyota to invest $50 million in the California-based battery car maker. Panasonic is a key partner in Toyota’s own battery car program.