Elon Musk, Chief executive of Tesla Motors Inc (NASDAQ:TSLA), said that Tesla and Toyota Motor Corp (TYO:7203) may work together in future. Elon Musk was talking to the reports in Tokyo and said that the two companies may come together in two to three years for a bigger project.
Elon Musk was in Tokyo to settle down the sales of RAV4 EV, electronic vehicle developed under a joint venture between Tesla Motors Inc (NASDAQ:TSLA) and Toyota Motor Corp (TYO:7203), with a total of 2,000 units sold in the past two years. Both the companies didn’t work together after the project and Toyota is more inclined towards its fuel cell cars, a technology criticized by Musk.
“If you look out maybe two or three years from now, I would not be surprised if there was a significant deal with Toyota and Tesla.”
Musk further added that Tesla enjoyed an excellent relationship with Toyota during their joint venture.
The fuel cell cars by Toyota Motor Corp (TYO:7203) have received a negative connotation from Volkswagen AG (ETR:VOW), which said the company might find it difficult to sell its hydrogen based cars outside of Japan primarily because of the challenges in handling hydrogen and investments required for the supporting infrastructure.
Earlier this month, Tesla Motors Inc (NASDAQ:TSLA) announced Nevada as the first site of its $5 billion Gigafactory for producing batteries. Tesla is working with another Japanese firm, Panasonic Corporation (TYO:6752), which is expected to invest up to 40 percent in the project. Musk said,
“The speed at which Panasonic is making decisions is extremely impressive. We really feel very honored that they would take a risk on Tesla.”
This article has been written by Prakash Pandey.