A joint partnership between Toyota and electric car manufacturer Tesla Motors, announced Friday, will provide $50 million to the latter firm while giving Toyota access to Tesla’s battery technology, a move that will help boost electric car production in the face of Toyota’s recent recall setbacks. —JCL
Toyota is to invest $50m (£35m) in US electric car company Tesla Motors, as the two firms announced a joint partnership to build electric vehicles.
The deal will give the Japanese giant a stake of about 2.5% in Tesla, which will build its new saloon model at a Toyota factory near San Francisco.
Analysts said Tesla, which was only formed in 2003, will benefit from Toyota’s mass production skills.
In turn, Toyota will be able to access Tesla’s electric battery expertise.