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Tesla Motors to share patents to spur electric car development

Tesla CEO Elon Musk said it it will allow others to use its patents.

DETROIT, June 12 (Reuters) - Tesla Motors on Thursday said it will allow others to use its intellectual property in hopes of speeding up development of electric cars by all manufacturers.

Tesla's co-founder and Chief Executive Officer Elon Musk said the company will not take legal action against anyone who "in good faith, wants to use our technology."

Musk also said in a posting on the company's website, "We believe that Tesla, other companies making electric cars, and the world would all benefit from a common, rapidly evolving technology platform."

(Reporting by Bernie Woodall; Editing by Chris Reese)