Toyota investing $50m in electric car firm Tesla Motors

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Toyota is to invest $50m (£35m) in US electric car company Tesla Motors, as the two firms announced a joint partnership to build electric vehicles.

The deal will give the Japanese giant a stake of about 2.5% in Tesla, which will build its new saloon model at a Toyota factory near San Francisco.

Analysts said Tesla, which was only formed in 2003, will benefit from Toyota's mass production skills.

In turn, Toyota will be able to access Tesla's electric battery expertise.