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Tesla, Toyota sign memo of understanding

Fri, 07/09/2010 - 6:24pm
Reuters

SAN FRANCISCO (Reuters) - Electric carmaker Tesla Motors Inc said on Friday it signed a memorandum of understanding with Japanese automaker Toyota Motor Corp to develop electric vehicles.

Tesla said it plans to deliver two electric vehicle prototypes to Toyota by the end of the month.

Toyota President Akio Toyoda said earlier on Friday that Toyota was interested in experimenting with Tesla's approach to using lithium-ion battery cells developed for the electronics industry as a potential alternative to developing batteries tailor-made for its own vehicles as it had been doing.

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