Toyota invests $50M, partners with Tesla to build electric car at shuttered Calif plant

Toyota invests $50M in Tesla electric car plant

LOS ANGELES — The heads of Tesla Motors Inc. and Toyota Motors Corp. say both automakers are partnering to build electric cars at a recently shuttered auto plant in the San Francisco Bay area.

Toyota president Akio Toyoda said Thursday that his company is investing $50 million in the joint venture, which will include the development of an electric vehicle together.

Tesla CEO Elon Musk says the electric carmaker will build its new Model S electric sedan at the New United Motor Manufacturing Inc., known as Nummi, in Fremont.

The plant, established in 1984 as a joint venture between General Motors Co. and Toyota, shut down last month.