Written by R.E. Lord

Panasonic TeslaThe already strong relationship between Tesla Motors and Panasonic was further bolstered today as Panasonic has invested a $30 million stake in the electric car company. Earlier this year the two companies agreed to work closely together when Panasonic signed on to provide Tesla with its Lithium Ion batteries used in the production of its upcoming Model S.

This latest deal involved Panasonic purchasing $30 million in stock from the company at $21.15 per share, and now owns about 2% of the car company. This alliance follows earlier partnerships Tesla has formed with Toyota and Daimler over the course of the last year and a half.

Toyota had invested $50 million in Tesla and the car company will be providing the electric powertrain for the upcoming Toyota all-electric RAV4. Daimler had also purchased a $50 million stake in the company although they have reportedly sold off about 40% of their holdings.

The CEO of Tesla, Elon Musk, said of the Panasonic deal: "We believe our partnership with them will enable us to further improve our battery pack while reducing cost."

In addition to providing the company with access to the latest battery technology at reduced costs, the deal also helps assure investors that Tesla will remain a viable long-term investment.  The stock was already trading up near the $24 a share mark due to the news.