First-generation Roadster photographed in March 2018, not at the announcement. FotoSleuth · CC BY 2.0. Resized with Teslhub graphics.
Archive article written on 9 November 2026.
In May 2010, Tesla and Toyota announced plans to work together on electric vehicles. The proposed cooperation covered components, production systems and engineering support, bringing a young company’s technology together with a major manufacturer’s industrial experience.
An investment linked to the IPO
Toyota had agreed to buy $50 million of Tesla shares through a private placement scheduled to close immediately after Tesla’s planned IPO. The investment therefore followed a defined process and condition; the cooperation announcement came before its completion.
The companies intended to form a team of specialists. Akio Toyoda highlighted Tesla’s entrepreneurial approach and quick decision-making as opportunities to learn, while Elon Musk pointed to Toyota’s engineering and manufacturing expertise.
More than funding
Tesla had delivered more than a thousand Roadsters across North America, Europe and Asia. Reaching a wider audience also meant addressing the work behind the vehicle: suppliers, processes and manufacturing capacity. The agreement put these capabilities at its centre, without yet announcing a jointly developed new model ready for customers.
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