Toyota ends partnership with Tesla
Japanese carmaker's 'conservative' approach reportedly clashed with Elon Musk's 'risk-taking' strategy
Toyota has sold "the last of its stake"in Tesla, ending its partnership with the firm, reports the Financial Times.
The car giant "bought roughly 3 per cent of Tesla for $50m (£39m) in 2010" in a deal that "included the sale of its assembly plant in Fremont, California, to Elon Musk's electric car start-up", says the paper.
The partnership was designed to "inject some of Tesla's start-up management culture into the Japanese carmaker", but the company’s "risk-taking" approach clashed with Toyota's "conservative" strategy.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Toyota's "electric sport utility vehicle" RAV4 EV, which ceased production in 2014, is the last car to be co-developed with Tesla.
According to Fortune, Toyota is establishing its own electric vehicle division to take-on Tesla.
However, its management may not be "truly committed to developing fully electric vehicles" as the company has "poured sustained effort into the development of hydrogen fuel-cell vehicles".
AutoExpress says Toyota's most recent hydrogen-powered car, the Mirai, is priced at £66,000 - which is around £5,000 more expensive than Tesla's entry-level Model S electric saloon.
Musk also plans to introduce his cheaper, mass-market Model 3 battery-powered saloon later this year, which will boast a battery range of 215 miles and is expected to cost £35,000, making it one of the cheapest electric saloons on the market.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
-
China tries to bury deadly car attack
Speed Read An SUV drove into a crowd of people in Zhuhai, killing and injuring dozens — but news of the attack has been censored
By Peter Weber, The Week US Published
-
Senate GOP selects Thune, House GOP keeps Johnson
Speed Read John Thune will replace Mitch McConnell as Senate majority leader, and Mike Johnson will remain House speaker in Congress
By Rafi Schwartz, The Week US Published
-
Patriot: Alexei Navalny's memoir is as 'compelling as it is painful'
The Week Recommends The anti-corruption campaigner's harrowing book was published posthumously after his death in a remote Arctic prison
By The Week UK Published
-
Are plug-in hybrids better for America's climate goals?
Talking Points The car industry considers a 'slower, but more plausible path' to reducing emissions
By Joel Mathis, The Week US Published
-
EV market slowdown: a bump in the road for Tesla?
Talking Points The electric vehicle market has stalled – with worrying consequences for carmakers
By The Week UK Published
-
The week's good news: Dec. 14, 2023
Feature It wasn't all bad!
By Catherine Garcia, The Week US Published
-
MG4 EV XPower review: what the car critics say
Feature The XPower just 'isn't as much fun' as a regular MG4
By The Week Staff Published
-
Volkswagen ID.5 review: what the car critics say
Feature The ID.4's 'sportier, more stylish twin' – but 'don't believe the hype'
By The Week Staff Published
-
BMW iX1 review: what the car critics say
The Week Recommends BMW’s smallest electric crossover has ‘precise’ steering and a ‘smart interior’
By The Week Staff Published
-
2023 Peugeot e-2008 review: what the car critics say
The Week Recommends This small electric crossover has a ‘sophisticated feel’ and a bigger battery than the original
By The Week Staff Published
-
Lotus Eletre review: what the car critics say
The Week Recommends All-electric hyper SUV is not just entertaining to drive – it’s also ‘extraordinarily well made’
By The Week Staff Published