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Tesla Motors and Toyota Motor Corporation Intend to Work Jointly on EV Development

Tesla Motors and Toyota Motor Corporation (TMC) today announced that they intend to cooperate on the development of electric vehicles, parts, and production system and engineering support.

The two companies intend to form a team of specialists to further those efforts. TMC has agreed to purchase $50 million of Teslaé─˘s common stock issued in a private placement to close immediately subsequent to the closing of Teslaé─˘s currently planned initial public offering.

é─˙Ié─˘ve felt an infinite possibility about Teslaé─˘s technology and its dedication to monozukuri (Toyotaé─˘s approach to manufacturing),é─¨ said TMC President Akio Toyoda. é─˙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 é─˛venture business spirit,é─˘ and take on the challenges of the future.é─¨

é─˙Toyota is a company founded on innovation, quality, and commitment to sustainable mobility. It is an honor and a powerful endorsement of our technology that Toyota would choose to invest in and partner with Tesla,é─¨ said Tesla CEO and cofounder Elon Musk. é─˙We look forward to learning and benefiting from Toyotaé─˘s legendary engineering, manufacturing, and production expertise.é─¨

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