The Toyota Motor Company signed an agreement with U.S. firm Tesla Motors for cooperation in the development of electric vehicles, as well as providing engineering and production systems, said the Japanese company.
The cars will be produced at a plant in California and will hit the market in 2012. The plant produce 20,000 vehicles a year. In principle 1,000 workers will work there, but is expected to grow to 10,000 in long term. Toyota will invest $ 50 million in shares in the company of electric cars.
“I realized the great potential of Tesla technology and the dedication impressed me in production,” explained Toyota President Akio. Toyoda said, adding that through this partnership both companies will work on the development of electric vehicles.
The automaker Toyota had commercial success with hybrid cars, like the Prius.
The agreement could help the Japanese company to compete with GM and Nissan in the U.S. market, where the purchase of electric cars is stimulated by stringent restrictions on the emission of greenhouse gases.
Tesla is one of the best electric vehicle manufacturers, it is known for its high-performance sports models.
Related posts:
- Toyota has signed an agreement with Tesla
- Toyota and Tesla join to advance in electrical technology
- Toyota and Tesla Announces their Partnership in building Electric Cars