Toyota Powers Up Tesla With $50M Electric Car Deal

Law360, New York (May 21, 2010, 2:19 PM EDT) -- Toyota Motor Corp. has increased its investment in electric cars by pumping $50 million into Tesla Motors Inc., which will allow Tesla to move forward with production plans at a California plant.

The deal, announced Thursday, will see Toyota purchase $50 million worth of Tesla stock in a private placement. The transaction will close immediately on Tesla's hotly anticipated initial public offering, which the company filed plans for on Jan. 29.

At the same time, Tesla announced that it had purchased the former Nummi factory in...
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