Toyota Buys $50 Million Stake In Tesla

Posted May 21, 2010

Toyota Motor Corporation has bought a $50 million stake in Tesla Motors Inc. As part of the deal, Tesla will also buy a closed Toyota factory in California to build the Model S and other vehicles.

Tesla and Toyota will partner with each other to develop electric cars, parts, and engineering support. This deal may help Toyota revive the NUMMI (New United Motor Manufacturing Inc.) plant in Fremont, California. [BusinessWeek]