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Toyota to build electric cars with Tesla |
The move will see Toyota investing $50 million into Tesla when it begins selling stock to the public. The investment will buy Toyota a stake of about 2.5 per cent.
Tesla, meanwhile, will buy one of Toyota’s manufacturing plants in San Francisco — a factory with capacity to build 400,000 vehicles a year that was closed down after the global financial crisis. The factory will be used to build Tesla’s Model S electric sedan and it is hoped that production will eventually reach 20,000 cars a year. www.teslamotors.com |
