Governor Arnold Schwarzenegger today joined President and Chief Executive Officer of Toyota Motor Corporation Akio Toyoda, Co-Founder and Chief Executive Officer of Tesla Motors Elon Musk and Lieutenant Governor Abel Maldonado to announce an historic new partnership between the automotive companies that will benefit California's economy and environment.
Toyota announced it will invest $50 million in Tesla Motors and will partner with Tesla to manufacture electric vehicles (EVs).
Additionally, Tesla announced that it will acquire the NUMMI plant in Fremont and begin production of its Model S EV in 2012.
Today's action could create more than 1,000 green jobs in California.
"I think it's very exciting," said Shaiken. "Immediately it provides much needed jobs and, longer term, it means an advanced manufacturing future for California, and especially for the Bay Area.
"Today is a great day for the State of California. I applaud Governor Schwarzenegger, Toyota Motor Corporation and Tesla Motors for working together to invest in the people of California. These smart businesses will not be disappointed by their investment in California workers and they should be commended for being a central part of rebuilding California's economy.
"The opening of this much-needed facility is a model for how business and government can work cohesively to create and retain jobs, spur investment in local economies, and revitalize our state. I fully support Governor Schwarzenegger's efforts on economic growth and will work right beside him to make California the most optimal place in the world to do business."