Daimler buys 10 percent stake in Tesla

German carmaker Daimler AG bought a 10 percent stake in electric car business Tesla Motors Inc.

San Carlos-based Tesla had already been working with the Stuttgart giant to improve battery technology. Daimler, which used to own troubled U.S. car company Chrysler, is making electric versions of its popular two-person smart car.

Daimler, which puts out the Mercedes-Benz brand, put Herbert Kohler on Tesla’s board of directors.

Tesla, started by Elon Musk, has been looking for money. Last year it abandoned plans to build a new head office and factory in San Jose. It’s been waiting for some $350 million in loans from the U.S. government to pay for a new factory, probably in Southern California.

Read Full Article from Bizjournals.com

- Posted: 2009-05-19 09:35:37

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