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Panasonic invests $30m in Tesla

Investment to build on multi-year collaboration to help electric vehicle business.

Panasonic, a battery cell manufacturer and a diverse supplier to the global automotive industry, has invested $30m in Tesla Motors.

The investment will build upon a multi-year collaboration of the two companies to accelerate the market expansion of the electric vehicle.

Tesla currently uses Panasonic battery cells in its battery packs and has collaborated with Panasonic on the development of next generation battery cells designed specifically for electric vehicles.

Panasonic and Tesla intend to explore joint marketing and sales of battery packs that would be designed and assembled by Tesla using Panasonic's battery cells.