Panasonic invests in Tesla to develop batteries

Japanese electronics giant Panasonic Corp. said late Wednesday it invested $30 million in Tesla Motors Inc. to cooperate on green powertrain development.

Panasonic, which already manufacturers batteries for gasoline-electric hybrid vehicles, joins Toyota Motor Corp. and Daimler AG in taking a stake in the automotive start up headed by Elon Musk. It also underscores increasing confidence in Tesla's technology and ambitions.

Panasonic said its investment came through the purchase of common stock in Tesla. Japanese media reports said the purchase gives Panasonic a 2 percent stake in Tesla.