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Tesla – Panasonic Deal Resonates With Market

Japanese electronics giant latest investor in EV start-up.

by on Nov.05, 2010

Tesla Motors CEO Elon Musk inks an alliance with Panasonic, now its 3rd-largest investor.

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.

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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.