Tesla Motors Inc (NASDAQ:TSLA)’s CEO Elon Musk has hinted that his company and Toyota Motor Corp (ADR) (NYSE:TM) can sign a deal over the next two or three years, Reuters said in an article. Tesla Motors Inc (NASDAQ:TSLA) and Toyota Motor Corp (ADR) (NYSE:TM) are currently about to end their existing joint program during which, Tesla made batteries and motors for Toyota’s RAV4 electric SUVs. So far, Toyota was able to sell only 2,000 of these cars. Both the companies have also been indulged in war of words regarding the use of hydrogen fuel cell technology, but the new statement from Musk has surprised many experts.
“If you look at maybe two or three years from now, I would not be surprised if there is a significant deal with Toyota Motor Corp (ADR) (NYSE:TM) and Tesla,” said Musk on Monday during the ceremony of first deliveries of Model S luxury electric sedan in Japan, cited by Reuters.
According to the source, Musk added that the future deal can be bigger than the previous deals but he didn’t elaborated the details of the possible deal.
The source quoted a Toyota Motor Corp (ADR) (NYSE:TM) executive who said that no specific plans are under consideration from Toyota regarding any deal with Tesla Motors Inc (NASDAQ:TSLA) but it does not mean that its ties with Tesla are ended. He added that Toyota and Tesla may find a common ground in North America for future projects.
Toyota Motor Corp (ADR) (NYSE:TM) acquired a $50 million stake in Tesla Motors Inc (NASDAQ:TSLA) after it sold its former NUMMI factory in California, which is currently used by Tesla for the manufacturing its Model S vehicles. Experts say that RAV4 EV project was damaged because of the internal engineering clashes between the two companies, but surprisingly, Musk was quoted as saying that his company had “a very good relationship” with Toyota.
Daniel Benton‘s Andor Capital Management is one of the largest shareholders of Tesla Motors Inc (NASDAQ:TSLA), owning approximately 1.25 million shares of the company.
Ken Fisher‘s Fisher Asset Management is one of the biggest shareholders of Toyota, having, approximately 4.7 million shares of the company.