Panasonic investing $30 million in Tesla Motors

November 4, 2010 6:34:22 AM PDT
Panasonic Corporation says it is now investing $30 million in Tesla Motors, the Palo Alto based U.S. maker of electric sports cars.

The Japanese electronics company announced today it hopes the investment will help expand the market for electric vehicles.

Toyota Motors has already invested $50 million in Tesla. Tesla officially took over the former NUMMI auto plant in Fremont last month to set up manufacturing operations for a new electric sedan.