Tesla, Toyota Team Up for Electric Cars in CA.

Tesla, Toyota Team Up for Electric Car

Paul Sakuma / AP Photo

Maybe this will help Toyota recover from its recall scandal?

 Tesla Motors Inc. and Toyota Motors  are teaming up and 

will be building electric cars at a recently closed auto plant in

 California. Toyota President Akio Toyoda announced his company

 is dropping a cool $50 million to develop an electric vehicle as part

 of the deal for when the company goes public. Tesla CEO Elon Musk

 said his company will be producing the new Model S electric sedan from

 a plant in Fremont. Tesla's electric sports car currently costs $109,000, but the Model S will 

be priced at $49,000 and able to run 300 miles on a three- to five-hour charge. Tesla ruffled

 the feathers of officials from the city of Downey, who were expecting the company to leas

e property from them and had spent months wooing the carmaker.