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Toyota is to invest $50m (£35m) in US electric car company Tesla Motors, as the two firms announced a joint partnership to build electric vehicles.
The deal will give the Japanese giant a stake of about 2.5% in Tesla, which will build its new saloon model at a Toyota factory in San Francisco.
Analysts said Tesla, which was only formed in 2003, will benefit from Toyota's mass production skills.
In turn, Toyota will be able to access Tesla's electric battery expertise.
The City of Downey Says Tesla Motors Goes for the Cash, Moves Jobs to Vacant Toyota Plant
DOWNEY, Calif., May 20, 2010 (GLOBE NEWSWIRE) -- Although the Downey City Council had planned to approve a Lease Amendment with IRG today to bring Tesla Motors to the City of Downey, the City Council instead will hold a meeting to inform the region that despite months of good faith negotiating, and doing everything within their power to bring the manufacturer to Downey, the jobs promised by Tesla will instead go to a facility in northern California.
Early this afternoon, Councilman Mario Guerra received media calls, and later confirmed through a call by the City to Tesla's CEO Elon Musk, that the 1,200 jobs promised to Downey will be locating to northern California. "Today the Southeast Los Angeles County region was betrayed by Tesla," said Councilmember Mario Guerra. "Mr. Musk gave me his word that Tesla would be coming to Downey. Today the residents of Downey are learning the same lesson several other cities have learned when dealing with Tesla and Mr. Musk: They cannot be trusted to honor their word. The fact is that Tesla has been extremely disingenuous in their dealing with Downey and I now have new appreciation as to why America is fed up with many large corporations. .This last minute betrayal is even more shocking because the City of Downey was hours away from signing a the lease with Tesla that would have been an economic boon for the City."
Finally the US Government realizes Tesla’s Worth by Granting $465 Million
...The biggest grabber is Tesla Motors which has managed a $465 million grant. The first part of the loan will be dedicated to setting up a manufacturing facility for the Tesla Model S Sedan. The second electric car from the company is an example of the reduction of cost for such cars as people would remember that the Roadster demanded a scary price, whereas the Model S is affordable at $50,000...
Tesla plane-crash victims identified
...Musk said the victims were plane owner and pilot Doug Bourn, 56, a senior electrical engineer from Santa Clara; Brian Finn, a 42-year-old senior interactive electronics manager from East Palo Alto; and electrical engineer Andrew Ingram, who lived in Palo Alto and turned 31 on Monday...
Will Tesla and Toyota create as many jobs as hoped?
Although the deal to revive the NUMMI plant has raised hopes that it will result in thousands of green-tech jobs, questions remain about how many people ultimately will be employed there and how long it might take for those jobs to materialize.
Tesla CEO Elon Musk said the partnership between his Palo Alto company and Toyota, the Japanese auto giant, eventually could result in 10,000 new jobs, with half of those at the New United Motor Manufacturing, Inc. facility in Fremont, which closed in April after GM and Toyota abandoned it.
But other car companies are lining up to enter the electric-car market, some with vehicles expected to sell at less than half the price of the $50,000 Model S that Tesla intends to make at the plant. And while Tesla might attract more buyers by marketing a cheaper car under the Toyota name, the two companies so far have been vague about their future plans. That raises questions among some analysts about how many cars the new venture can sell and how many workers it ultimately will need to build them.
Tesla beckons to the true believers
SAN FRANCISCO (MarketWatch) -- Tesla Motors, the Silicon Valley maker of electric cars whose hot-rod Roadster has tickled the fancy of every well-heeled geek on the road, plans to go public. Someday.
It's certainly making all the right prelaunch moves.
Late Thursday, Tesla announced it's teaming up with industry heavyweight Toyota Motor Corp. (TM 75.59, +1.59, +2.15%) The deal includes a helpful $50 million cash injection from Toyota and gives Tesla the automotive clout critics have long claimed it lacks. Read more about Tesla teaming up with Toyota.