Sunday, May 23, 2010

Tesla Motors electric car to be part funded by Toyota



With plans to grow the company as an alternative vehicle maker, Toyota has decided to invest $50 million in US electric car company Tesla Motors.

The two firms have announced a joint partnership to build electric vehicles, with Toyota taking a stake of about 2.5%.

The car makers have agreed Tesla will build its new saloon model at a Toyota factory near San Francisco, to take advantage of Toyota's mass production skills.

In turn, Toyota will be allowed to have access to Tesla's electric battery expertise.

At the moment, Tesla has only 500 employees and makes just 15 cars per week.

source: albuquerquenews.net