Tesla Motors partners with Daimler

The ever-popular electric carmaker Tesla Motors has found themselves a new partner, Daimler (NYSE:DAI). The German carmaker announced that they were to take a 10 percent stake in Tesla Motors, thought to be worth $50 million.

Both companies have worked together in the past, but Daimler was planning to build an electric version of its Smartcar using Tesla’s battery technology, so the deal looked to be the perfect solution as Daimler wanted more than just a supplier-customer relationship.

Business Week explains that Daimler understands that making changes fast is very hard for big companies, so rather than looking to Telsa Motors for its technology, and infusion of the spirit of the company would serve each other much better. This new deal not only brings more money to the table for Telsa, but also credibility as well.