Electric car maker Tesla will open up its patents "for the advancement of electric vehicle technology," CEO Elon Musk said on Thursday. "Tesla will not initiate patent lawsuits against anyone who, in good faith, wants to use our technology," he said in a blog post. Earlier this week, Engadget first reported that Musk plans to encourage standardized electrical car specifications by opening Tesla's Supercharger system to other automakers. The Supercharger allows Tesla drivers to charge half the car's battery life in about 20 minutes.

Thursday's announcement appeared to be much broader than just the charging stations, though. The move would include all current and future Tesla patents, Musk said. "We believe that Tesla, other companies making electric cars, and the world would all benefit from a common, rapidly-evolving technology platform," he said in his blog. Investors should not worry about the decision hurting the company financially, Musk told reporters in a conference call. "It doesn't really harm Tesla but helps the industry," Musk said on the call, "and I think actually it will help Tesla, mostly with respect to attracting and motivating the world's best technical talent." Click here to see how Tesla stock is trading.