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Toyota-Tesla EV tie-up at NUMMI

The heads of Tesla Motors Inc. and Toyota Motor Corp. surprised the auto world May 20 by announcing a partnership to develop and build electric vehicles at a recently shuttered auto plant in the San Francisco Bay area.

Toyota President Akio Toyoda said his company will invest 4.5 billion yen in Tesla when the company begins selling stock to the public, and Tesla CEO Elon Musk said his company will purchase the New United Motor Manufacturing Inc., known as NUMMI, in Fremont, Calif., where the Model S electric sedan will be built.

"We're going to create electric cars together," Musk told a news conference at Tesla's office in Palo Alto, Calif. "It's a great honor to work with a company like Toyota, one of the automobile leaders of the world and one I've personally long admired." (AP)

Shukan ST: June 4, 2010

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National News Toyota-Tesla EV tie-up at NUMMI The heads of Tesla Motors Inc. and Toyota Motor Corp. surprised the auto world May 20 by announcing a partnership to develop and build electric vehicles at a recently shuttered auto plant in the San Francisco Bay area. Toyota President Akio Toyoda said his company will invest 4.5 billion yen in Tesla when the company begins selling stock to the public, and Tesla CEO Elon Musk said his company will purchase the New United Motor Manufacturing Inc., known as NUMMI, in Fremont, Calif., where the Model S electric sedan will be built. "We're going to create electric cars together," Musk told a news conference at Tesla's office in Palo Alto, Calif. "It's a great honor to work with a company like Toyota, one of the automobile leaders of the world and one I've personally long admired." (AP) Shukan ST: June 4, 2010 (C) All rights reserved