[caption id="attachment_990" align="alignleft" width="300" caption="Tesla High Performance Roadster"]
[/caption]A specialist team will be formed that is to be staffed by both companies. Toyota has agreed to purchase $50 million of Tesla’s common stock issued in a private placement. This will be closed immediately subsequent to the closing of Tesla’s currently planned initial public offering.
TMC President Akio Toyota commented: "I’ve felt an infinite possibility about Tesla’s technology and its dedication to monozukuri (Toyota’s approach to manufacturing). 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 ‘venture business spirit,’ and take on the challenges of the future."
[caption id="attachment_991" align="alignleft" width="512" caption="Tesla Roadster at the Sea"]
[/caption]"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,” said Tesla CEO and co-founder Elon Musk. “We look forward to learning and benefiting from Toyota’s legendary engineering, manufacturing, and production expertise."
‘Tesla Motors’ and ‘Tesla Roadster’ are trademarks of Tesla Motors, Inc. Images courtesy of Tesla Motors.
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