Wednesday, May 26, 2010

Toyota Pondering a $50m Investment in Tesla Motors to Manufacture an Electric Car

Toyota is going to invest $50 million Tesla Motors Inc. in order to produce an electric car which would be built at the New United Motor Manufacturing Inc. plant (NUMMI) located in Fremont. It is now pretty much confirmed that around 1,000 new jobs will be created thanks to this new production plan.

Many workers lost jobs at the same plant in April. Now, it is expected that around 4,000 former workers of the plant would vie for the new 1,000 jobs. In fact, Ron Gettelfinger, the president of the United Auto Workers, asked the company to give preference to former NUMMI workers who are highly skilled.

Toyota is facing a huge challenge from Honda in the hybrid electric car market. So, Toyota is now trying hard to strengthen its hold in this flourishing market.

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