Toyota Motor Corporation announced its intention of investing in Tesla Motors for the development of future electric vehicles.
This collaboration means that Toyota will invest 50 million USD in Tesla’s stock and a team of specialists from both company’s will work together ‘venture’ together and take on future challenges.
We are already familiar with Tesla’s future plans of launching increasingly affordable electric cars which seem to have resonated with Toyota’s intention of introducing EVs into the market
by 2012.
Tesla’s CEO  Elon Musk said "“We look forward to
learning and benefiting from Toyota’s legendary engineering,
manufacturing, and production expertise.”"
Toyota press release :
May 20, 2010 – Palo Alto, California, U.S.A. — Tesla Motors, Inc.
(Tesla) and Toyota Motor Corporation (TMC) today announced that they
intend to cooperate on the development of electric vehicles, parts, and
production system and engineering support.
The two companies intend to form a team of specialists to further
those efforts. TMC has agreed to purchase $50 million of Tesla’s common
stock issued in a private placement to close immediately subsequent to
the closing of Tesla’s currently planned initial public offering.
“I sensed the great potential of Tesla’s technology and was
impressed by its dedication to monozukuri (Toyota’s approach to
manufacturing),” said TMC President Akio Toyoda. “Through this
partnership, by working together with a venture business such as Tesla,
Toyota would like to learn from the challenging spirit, quick
decision-making, and flexibility that Tesla has. Decades ago, Toyota was
also born as a venture business.  By partnering with Tesla, my hope is
that all Toyota employees will recall that ‘venture business spirit,’
and take on the challenges of the future.”
“Toyota is a company founded on innovation, quality, and commitment
to sustainable mobility. It is an honor and a powerful endorsement of
our technology that Toyota would choose to invest in and partner with
Tesla,” said Tesla CEO and cofounder Elon Musk. “We look forward to
learning and benefiting from Toyota’s legendary engineering,
manufacturing, and production expertise.”  
TMC has, since its foundation in 1937, operated under the
philosophy of “contributing to the society through the manufacture of
automobiles,” and made cars that satisfy its many customers around the
world. TMC introduced the first-generation Prius hybrid vehicle in 1997,
and produced approximately 2.5 million hybrids in the twelve years
since. Late last year, TMC started lease of Prius Plug-in Hybrids, which
can be charged using an external power source such as a household
electric outlet. The company also plans to introduce EVs into the market
by 2012.
Tesla’s goal is to produce increasingly affordable electric cars to
mainstream buyers – relentlessly driving down the cost of EVs. Palo
Alto, CA-based Tesla has delivered more than 1000 Roadsters to customers
in North America, Europe and Asia. Tesla designs and manufactures EVs
and EV powertrain components. It is currently the only automaker in the
U.S. that builds and sells highway-capable EVs in serial production. The
Tesla Roadster accelerates faster than most sports cars yet produces no
emissions. Tesla service rangers make house calls to service Roadsters.

Source: Toyota