Electric eels

21 May 2010 By Richard Beales Follow @richardbeales1

Combining the electric vehicle nous of the makers of the earnest Prius and the supercar Roadster is mainly about the future. But with both Toyota s battered U.S. reputation and Tesla s forthcoming IPO in need of a boost, the partnership also helps with today s concerns.

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Tesla Motors and Toyota said on May 20 they intend to cooperate on the development of electric vehicles, parts, and production system and engineering support.

As part of the agreement, Toyota will purchase $50 million of Tesla's common stock in a private placement immediately subsequent to the closing of Tesla's currently planned initial public offering.

Tesla also said it had purchased the former NUMMI factory in Fremont, California, where it will build the Model S sedan and future Tesla vehicles.

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