Tesla and Toyota Intend to Work Jointly on EV Development, TMC to Take Equity Stake in Tesla; Tesla Purchases NUMMI Factory
Green Car Congress
MAY 20, 2010
and Toyota Motor Corporation (TMC) intend to cooperate on the development of electric vehicles, parts, and production system and engineering support. TMC has agreed to purchase $50 million of Tesla’s common stock issued in a private placement to close immediately subsequent to the closing of Tesla’s currently planned initial public offering.
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