Japanese motor giant Toyota is preparing to join forces with US car manufacturer,
×Tesla Motors to develop and manufacture electric vehicles and components. The agreement will see the two companies form a team of specialists to further these efforts.
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Toyota who will provide engineering, manufacturing, and production expertise, has agreed to purchase $50 million of Tesla's common stock. Under the agreement Tesla plan to purchase the Nuumi plant to make Model S sedan in 2012 with a view to ramping up to 20,000 vehicles within 12 months - although they plan to produce many different types of vehicles using its drive train technology. The facility based in California has a manufacturing capacity of half a million vehicles per year which Tesla hopes to achieve in the long term.
NUMMI was home to a first-of-its-kind joint venture between Toyota and General Motors, starting in 1984. The plant closed recently, putting 4,500 workers out of jobs.
Tesla said their goal is to produce increasingly affordable electric cars to mainstream buyers - relentlessly driving down the cost of EVs. They claimed to have delivered more than 1000 Roadsters to customers in North America, Europe and Asia. The company who design and manufacture EVs and EV powertrain components, claim to be the only automaker in the U.S. that builds and sells highway-capable EVs in serial production. The Tesla Roadster accelerates faster than most sports cars yet produces no emissions.
CEO and cofounder Elon Musk of Tesla said in a recent statement, "We look forward to learning and benefiting from Toyota's legendary engineering, manufacturing, and production expertise."
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