Some very interesting news today.
Toyota Motor Corp said it would take a $50 million stake in U.S. electric carmaker Tesla Motors, a move that gives the Japanese automaker a chance to repair its dented public image and vaults the California start-up on to the world stage.
The two companies said on Thursday they would cooperate on the development of electric vehicles, parts and production system. Separately, Tesla will take over a plant Toyota closed in the San Francisco area and build its upcoming all-electric Model S sedan at the site from 2012.
Pretty sweet deal. Toyota gets a little bit of EV cred, while Tesla gets $50 million and a Bay Area factory to build the Model S. The factory is capable of churning out 400,000 cars per year, but Tesla will only start out making 20,000, so it also gives them plenty of room for growth.