A Morgan Stanley investment fund is buying Tesla’s electric car business.
The Wall Street Journal reports that Morgan Stanley’s private equity arm, Morgan Stanley Investment Management, has invested $250 million in the electric vehicle maker.
Teslas were first introduced in 2015 and the first production models will be on sale later this year.
Morgan Stanley has invested in Tesla’s Autopilot system and has said it wants to “provide the platform for Tesla to expand and evolve” to make it easier for consumers to buy and use the vehicles.
The WSJ reports that Tesla will be the company’s largest shareholder and that Morgan is a large investor in its non-core businesses, including Autopilots, its electric vehicle business and its Autopay network.