Tesla and Toyota announced today that they intend to cooperate on the development of electric vehicles, parts, and production system and engineering support.
Toyota 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 ...
Elon Musk, CEO of Tesla Motors, said last Thursday that Tesla is working on more than just the Model S that is due to hit the road in 2012.
According to Musk, Tesla is hiring 50 to 60 people a month, focusing on vehicle engineering and production specialists, and that it has chosen companies or has two finalists to supply 80 percent of the parts for the planned $49,900 Model S sedan, due to be launched in 2012.
Model S will be assembled on the West Coast, where the next-generation Roadster sports ...
Tata, India largest carmaker launched Tata Sumo Grande MK II, an upgraded version of its premium Sumo.
The exteriors have been accentuated by a new chrome lined grill, side rub rails with chrome inserts and indicators on ORVMs. The interiors receive a significant update with a new duo-tone trim, new steering wheel, grab handle for the third row passengers and various little changes along with improved ergonomics.
The changed drive ratio in the Grande MK II gives a boost to low speed performance in city driving conditions. While a modified suspension ensures ...
Electric vehicle maker Tesla Motors Inc. announced that it has secured $40 million in new commitments from current investors. Last month, Tesla announced that is delaying by six month the launch of its electric sedan called Model S due to the current economic woes. Media reports said Tesla had gone through the bulk of its $146 million of investment capital and was down to just $9 million in cash.
An official inside Tesla said that this cash infusion will help electric vehicle producer to accelerate the production, and continue produce development.
Anyway, ...
Washington (AFP): Tesla Motors Inc. will build a 250 million dollar plant in California's Silicon Valley to produce its new battery-powered sedan, the company said Wednesday.
Construction of the plant, about 20 minutes from Tesla's headquarters in San Carlos, California, is set to begin in mid-2009, with the first sedans expected to be ready in late 2010.
Company leaders expect the initiative to help the company. "The company has clearly taken production of all-electric vehicles to the next level, and the Model S assembly plant will dramatically accelerate our growth," Tesla chairman ...
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