Tesla Partners With Leading Researcher To Cut Battery Costs, Report

Tesla Motors Inc. has entered into an exclusive partnership with Jeff Dahn, a pioneering developer of the lithium-ion battery, as the electric car company looks to lower battery costs, according to a Dow Jones report. Financial terms of the partnership were not available, but Tesla said it will sponsor Dahn's research efforts in turn for his help in reducing battery costs, the DJ report said. Jeff Dahn, head of the Jeff Dahn Research Group, is a professor of physics and chemistry at Dalhousie University in Halifax, Canada, and has been a consultant for companies including 3M Co. , Intel Corp. , Rayovac and Medtronic PLC . Tesla's stock was up 3.5% in morning trade Wednesday. It has climbed 18% year to date, while the S&P 500 has gained 2%.