MUNICH, Germany — Daimler AG has acquired an equity stake of 10 percent of electric car manufacturer Tesla Motors. With the move, the German luxury car maker intends to speed its lagging e-car development.

Both companies already cooperate on the development of lithium-ion batteries: Tesla has the expertise Daimler seeks (and needs) to integrate the batteries into the electrically-driven version of the 'Smart', a subcompact produced by the Daimler subsidiary of the same name. On the other hand, also Daimler has to offer valuable technology for Tesla. The Stuttgart (Germany) based car vendor already has developed a lithium-ion pouch cell for automotive applications. The company also drives the development of these energy storage devices in a cooperation with technology company Evonik AG.

With the move, Daimler hopes to accelerate the commercialization of electric vehicles in a global scale. Tesla is currently the only car vendor selling a highway-capable electric vehicle. The car offers a driving range of almost 400 km with one charge.