The Slender Tie That Binds Toyota and Tesla

Depth of engagement dependent on success of Tesla IPO, NY Time reports

Published: 09-Jun-2010

SAN FRANCISCO -- Upstart carmaker Tesla Motors Inc. has offered a blunt, real-world assessment of a recent deal it made with Toyota Motor Corp. In a recent filing with the Securities and Exchange Commission, Tesla said the two companies may never get to the point where they jointly develop electric vehicles.

Tesla gave the SEC details of its plans for an initial public offering sometime this year. It said Tesla and Toyota have agreed to a kind of loose engagement, with an aim to work together only if the IPO comes off as planned.

Late last month, the companies -- to much fanfare in California -- went public with plans to build an auto plant in Fremont, Calif., with Toyota committing its expertise to help San Carlos-based Tesla with electric drive chain technology and building its Model S electric sedan.

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