Both companies intend to cooperate on the development of electric vehicles, parts, a production system and engineering support. They also intend to produce electric vehicles at New United Motor Manufacturing Inc. in Fremont, Calif.
Let's face it, the current shape of the electric vehicle market looks a little like the wild, wild west of the 1900s. There are plenty of companies, lots of opportunities and not a whole lot of clarity about who will survive.
Tonight's move marks Tesla as a potential survivor in the EV race.
Tesla gets more than a $50 million investment. It gets legitimacy, technology and instant respect in the industry.
"It is an honor and a powerful endorsement of our technology that Toyota would choose to invest in and partner with Tesla," said Musk. "We look forward to learning and benefiting from Toyota's legendary engineering, manufacturing, and production expertise."
Musk is on a mission.
Are you going to doubt him now?