Tesla Motors released additional details about its manufacturing plans in California and denied earlier stories that the company will work with Toyota (NYSE: TM) on electric vehicles.
Last week Toyota agreed to invest $50 million in Tesla. But the investment is contingent upon Tesla completing an initial public offering by the end of the year.
In an amended IPO registration statement Tesla noted that it "announced an intention to cooperate" with Toyota. "However, we have not entered into any agreements with Toyota for any such arrangements, including any purchase orders, and we may never do so," the filing said. (Reuters reporting)
Tesla purchased the NUMMI manufacturing plant in Fremont, California for $49 million. The deal includes about half the land at the site, but none of the manufacturing equipment.
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