Tesla and Toyota begin working together

Electric auto pioneer Tesla Motors and Toyota Motor Corporation have signaled their intent to work together on a number of initiatives, primarily developing EVs in California. Toyota's purchasing of US$50 million worth of Tesla shares completes a stunning twelve months for the start-up which has included Daimler purchasing a substantial (more than 5%) share, a US$30 million tax break and a US$465 million DoE loan. Partnering with the world's largest automobile manufacturer gives Tesla immense credibility and the security to purchase a new factory. For Toyota, it sures up its ability to compete in the EV market, at the same time as winning a few cool-school points by partnering with the trendy, publicity-savvy Tesla brand. If, or as-seems-likely, when Tesla goes public, it will be first American auto company to do so since Ford more than a half century ago.

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