Posted: Jun 12, 2014 5:42 PM
Updated: Jun 12, 2014 7:00 PM
Source: Associated Press
SAN FRANCISCO - Electric car maker Tesla Motors is opening access to its patents to accelerate electric vehicle development.
Tesla CEO Elon Musk says the company will share several hundred patents and won't sue those who use them.
Musk says the patents could be a "modest" help to other companies developing electric cars. He says Tesla has gotten few requests for technology from rivals, partly because the patents were blocking access.
Entering this year, Tesla had 203 patents covering batteries and other key features. The earliest any of Tesla's current patents expires is 2026, so the Palo Alto, California is relinquishing a potentially valuable long-term advantage.
Stifel analyst James Albertine says the announcement signals Tesla is open to collaboration as it ramps up production. It currently makes one vehicle, the Model S sedan.