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{Wheels.14.63}: Jil {rabbit} Thu, 20 May 2010 20:36:40 EDT (32 lines)

Just hit the wires:

Tesla Motors and Toyota Motor Corporation Intend to Work Jointly on
EV Development, TMC to Invest in Tesla

May 20, 2010 - Palo Alto, California, U.S.A. — Tesla Motors, Inc.
(Tesla) and Toyota Motor Corporation (TMC) today announced that they
intend to cooperate on the development of electric vehicles, parts,
and production system and engineering support.

The two companies intend to form a team of specialists to further
those efforts. 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.

“I sensed the great potential of Tesla’s technology and was
impressed by its dedication to monozukuri (Toyota’s approach to
manufacturing),” said TMC President Akio Toyoda. “Through this
partnership, by working together with a venture business such as
Tesla, 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,’ and take on the challenges of the future.”

“Toyota is a company founded on innovation, quality, and commitment
to sustainable mobility. It is an honor and a powerful endorsement
of our technology that Toyota would choose to invest in and partner
with Tesla,” said Tesla CEO and cofounder Elon Musk. “We look
forward to learning and benefiting from Toyota’s legendary
engineering, manufacturing, and production expertise.”

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