Toyota Purchasing Tesla Stake
Toyota Motor Corp., which is the world’s leading automaker, is purchasing a $50 million stake in the Californian electric-car maker Tesla Motors Inc. as auto manufacturers contests to present low-polluting models of cars in the U. S.
Tesla will as well purchase a closed Toyota enterprise industrial unit in California, so as to build its Model S and other vehicles, Tesla Chief Executive Officer, Elon Musk informed yesterday.
The corporations stated that they’ll assist in developing electric cars, parts, production systems and engineering support.
The contract may prove to be helpful to leading car maker to be in competition with Nissan Motor Co. and General Motors Co. in vending out cars in the U. S.
Jeremy Anwyl, Chief Executive Officer at auto industry researcher Edmunds. com in Santa Monica, California said that this appears to be a good deal for both the parties, particularly Toyota.
The volume of Toyota’s stake in Tesla hasn’t been set in advance of a share sale by Tesla, Musk stated in a meeting.
Daimler AG in the month of May 2009 spent almost $50 million in Tesla, which is providing battery packs to the Stuttgart, Germany-based Company, for a test fleet of electric Smart minicars at the unit.
New Zealand News
- Hyundai Motor Corp to create ultra-fast EV charging network E-pit in Korea
- MGE gets six-month extension for South Korea’s Inspire Entertainment Resort development project
- Price of two cheapest trims of Tesla Model 3 electric sedan increased by $500
- Genting Malaysia asks employees to accept reduced pay; executives to take leave without pay
- Tesla to design & build affordable EV in China: Tom Zhu
- Norway’s ICE car sales decline as buyers making shift to EVs
- Pursang launches Retro-inspired E-Track Motorcycle for Euro 14,449 in Netherlands
- ElectReon successfully tests dynamic wireless EV charging system on public road in Sweden
- Volvo to design special Gothenburg Green City Zone for autonomous & related technologies