Tesla gives up patents to advance electric cars

CEO Elon Musk hopes it will encourage other firms to go electric

Electric car maker Tesla Motors has handed over the keys to its prized patents in a bid to boost the electric car industry.

Tesla has confirmed it will open up its patents for other companies to use in order to speed up electric car development and adoption.

Tesla Motors chief executive Elon Musk announced in a blog post: "Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology.”

This means that all of the California firm's 203 patents are now available for public use and even future patents will be covered by the same agreement.

The new move could also see more collaboration with Tesla, which is already making electric system for Daimler and Toyota.

The decision by Tesla may prove beneficial, other automakers using Tesla's technology for example could share the cost of Tesla's charging stations and entice more people to switch over.

"Tesla Motors was created to accelerate the advent of sustainable transport. If we clear a path to the creation of compelling electric vehicles, but then lay intellectual property landmines behind us to inhibit others, we are acting in a manner contrary to that goal," Musk told reporters.

"We believe that Tesla, other companies making electric cars, and the world would all benefit from a common, rapidly-evolving technology platform."