Tesla may enter into new strategic partnership with Toyota

Elon Musk of Tesla Motors (TSLA) has announced that the electric-car firm will enter into a new partnership with Toyota as the companies plan to wind up the initial project, reports Bloomberg.

In two or three years, there may happen a deal between Toyota and Tesla. While there are no clear plans, a larger one than the RAV4 electric vehicle deal is intended, said, Elon Musk, chief executive officer, Tesla.

After two years, the two carmakers are ending up sales of the jointly developed RAV4 EV after delivering only 2,000 units. Since that project, both companies got deviated, with Toyota now launching its fuel-cell vehicle, a technology Musk has mocked.

Probably, the RAV4 EV project was tainted by clashes between engineers.

Earlier, Musk has criticized hydrogen-powered cars as “fool cells” indicating the fuel-cell technology to be launched by Toyota.

Recently, in an event marking the start of Model S deliveries in Japan, Musk stated that it is always better to experiment with other technologies.

At an annual meeting in Japan, Musk has cited a crush in battery pack supplies as one reason why Palo Alto, Tesla and Toyota would take a year or two before making any plans to build another vehicle together.

Musk repeated that he visualizes Panasonic providing 30 percent to 40 percent of the investment needed for the gigafactory. Musk commented that Panasonic is being pushed faster than its normal pace. He also noticed that Panasonic is making quick decisions and it is an honor to see them taking risk on Tesla.

However, Panasonic spokeswoman declined to comment stating that the company would be a major partner to Tesla.

Tesla aims to build the world’s biggest lithium-ion battery plant for electric vehicles in Nevada. This facility will give an opportunity to supply batteries to other manufacturers when sales of its own vehicles ramp up.

Right now, the company is wooing Panasonic to invest in the factory to supply cheaper batteries and help alter the maker of the $71,000 Model S sedan into a mass-market manufacturer.

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