May 21, 2010 /EIN Presswire/ — Tesla Motors, the small manufacturer trying to become a big player in the emerging electric vehicle market, got a big boost today with the news that Toyota is buying a $50 million stake in the company.

Tesla also announced that it will buy a closed Toyota factory in California to build its vehicles and that Tesla and Toyota will cooperate in developing electric cars, parts, production systems and engineering support.

The deal is expected to help Toyota sell electric cars in the US and improve its US image after the disastrous recalls it has recently been forced to undertake.

Read more at Electric Cars News Today:
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