Toyota boosts EV plans with Tesla tie-up
Under the deal, Toyota is to acquire $50 million of Tesla shares. In return, Tesla has purchased Toyota's former factory near Silicon Valley.
Based in Palo Alto, California, Tesla designs and manufactures EVs and EV powertrain components and says that it is currently the only automaker in the US that builds and sells highway-capable EVs in serial production. The firm builds its Tesla Roadster and says it has sold more than a thousand models to customers in North America, Europe and Asia.
'I sensed the great potential of Tesla’s technology and was impressed by its dedication to monozukuri (Toyota’s approach to manufacturing),' said TMC president Akio Toyoda. 'Through this partnership, by working together with a venture business such as Tesla, Toyota would like to learn from the challenging spirit, quick decision-making, and flexibility that Tesla has. Decades ago, Toyota was also born as a venture business. By partnering with Tesla, my hope is that all Toyota employees will recall that "venture business spirit", and take on the challenges of the future.'
'Toyota is a company founded on innovation, quality, and commitment to sustainable mobility. It is an honour and a powerful endorsement of our technology that Toyota would choose to invest in and partner with Tesla,' said Tesla CEO and co-founder Elon Musk. 'We look forward to learning and benefiting from Toyota’s legendary engineering, manufacturing, and production expertise.'