Daimler grabs Tesla stake in electric-car push
German automotive giant Daimler has invested in electric-car company Tesla Motors and plans to use Tesla's battery packs in its Smart electric car due later this year.
At a Tuesday press conference held at the Daimler museum in Stuttgart, Germany, Tesla CEO Elon Musk and Daimler management board member Thomas Weber said the contract between the two companies calls for joint collaboration on the Smart electric car and future models.
Daimler has invested a "double-digit million-dollar sum" to acquire about a 10 percent stake in California-based Tesla, Weber said.
"We are about to combine the best … Read more