PALO ALTO, Calif. -- Toyota Motor Corp. and Tesla Motors Inc. will team to produce electric vehicles at New United Motor Manufacturing Inc. in Fremont, Calif., a plant that Toyota last year ruled too inefficient to keep open.
Tesla will acquire the now-closed NUMMI property and employ 1,000 people building unspecified electric vehicles in a partnership with the world's largest automaker, the companies announced Thursday.
Toyota will invest $50 million in the small California-based electric sports maker in exchange for Tesla's common stock when the EV company completes its planned initial public offering.
In addition to the NUMMI purchase, the venture will spur a product-development relationship between the automakers.
Automotive News
Tesla will acquire the now-closed NUMMI property and employ 1,000 people building unspecified electric vehicles in a partnership with the world's largest automaker, the companies announced Thursday.
Toyota will invest $50 million in the small California-based electric sports maker in exchange for Tesla's common stock when the EV company completes its planned initial public offering.
In addition to the NUMMI purchase, the venture will spur a product-development relationship between the automakers.
Automotive News