Telsa said in a statement a prototype of the sport utility vehicle had already been built and its goal now was "to produce increasingly affordable electric cars for mainstream buyers -- relentlessly driving down the cost of EVs," meaning electric vehicles, The Detroit News reported Friday.
Tesla, in its stock market debut this year, set aside $50 million in shares for Toyota to purchase. Tesla has also purchased a former Toyota factory in Fremont, Calif., where it produced cars in partnership with General Motors Co.
Tesla's only current model in production is an electric roadster that sells for more than $100,000.
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