Tesla has purchased Toyota's NUMMI factory in Fremont, California, where it will build the Model S and future Tesla vehicles. The Model S will go in production in 2012 and Tesla hopes to build as many as 20,000 units per year. However, this is not the end of the story, since Toyota and Tesla will be working together to develop electric vehicles. their parts, and the engineering behind them.
After Toyota bought $50 million of Tesla common stock, Akio Toyoda explained some of the rationale behind the decision:
"Through this partnership...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."
Source: Tesla Motors
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