In a surprise move, Toyota has teamed up with Tesla to develop new electric vehicle technology.

While details are limited, the companies will create a specialized team to design parts and production systems for future EVs. As part of the agreement, Toyota will also purchase $50 million dollars worth of Tesla stock (as soon as the company goes public).

According to Toyota's President, Akio Toyoda, "I've felt an infinite possibility about Tesla's technology and its dedication to monozukuri (Toyota's approach to manufacturing). 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."

The warm and fuzzy feeling was echoed by Tesla's CEO, Elon Musk, who said, "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."

As you may recall, Daimler has also joined forces with Tesla "to accelerate the commercialization of electric drives globally."

Gallery: Toyota to invests $50 million in Tesla, co-develop EV technology

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