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Toyota and Tesla Partner on EV Development, NUMMI Plant
In brief:Toyota has invested a $50 million stake in Tesla Motors and the two companies will begin cooperation on electric vehicle technologies. Tesla, meanwhile, purchased the recently-shuttered NUMMI plant in Fremont, California where it plans to build the upcoming Model S.
The two companies shook hands on the deal, but declined to say how much ownership in Tesla Toyota gets for that $50 million. It's likely co-equal to the 10% that Daimler owns after their investment of a similar amount last year.
The NUMMI plant, meanwhile, will be the factory where the Tesla Model S sedan will be built. It's suited for the job, as it was a joint venture between Toyota and General Motors, tooled for Corollas and Tacomas.
And so ...
The NUMMI plant is capable of up to half a million cars per year, but Tesla will not likely build anywhere near that in the near future.
Photo credits: Toyota
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