Thank you very much, Mr. Musk.  I would also like to thank Governor Schwarzenegger for being with us today.

As Mr. Musk mentioned, Tesla and Toyota agreed on a partnership including such areas as the development of electric vehicles.  In addition, Toyota has decided to invest in Tesla.  From now, we will begin discussing details, including how the partnership will be structured.

Further, I have been told Tesla has agreed to purchase part of the land owned by NUMMI, the former joint venture between GM and Toyota, and that it will produce electric vehicles there.  I, myself, spent time at NUMMI and I learned much about working in America there, so I feel a sense of attachment toward the plant.  I am extremely happy that the "DNA of car-making" that the NUMMI team developed over 25 years of production there will live on in an industry for the future.  I would like to take this opportunity to again thank Mr. Musk and other people at Tesla, the Governor and the government of the State of California, who made this agreement possible.

During a visit here earlier this spring, Mr. Musk kindly gave me an opportunity to drive one of Tesla's electric vehicles.  Not only was I impressed by Tesla's technology, but I also felt their energy, seeing that they made the vehicle in an extremely short time.  Simply put, I felt "a wind –a wind of the future".
While driving, I talked with Mr. Musk, and again, I was strongly moved by his dedication to monozukuri, or Toyota's approach to "making things".

Through this partnership, by working together with a venture business such as Tesla, Toyota would like to learn from Tesla's challenging spirit, quick decision-making and flexibility.  That is a big part of the reason we decided to partner with Tesla.

Decades ago, Toyota was also born as a venture business, and grew over the years.  By partnering with Tesla, my hope is that all Toyota employees will recall that "venture business spirit" and take on the challenges of the future.

Since taking office last June, I have raised the topic of "car-making for the next 100 years" and highlighted the need to decrease dependence on oil.

Through this partnership, Toyota is determined to enhance its environmental technology, and to further participate in the development of new and emerging industries, such as those involving electric vehicles and Smart Grid technologies.  By doing so, my strong wish is for us to continue to be a good corporate citizen in the U.S.  I also understand this is in sync with the Governor's long-term environment and energy policy, in which he is showing strong leadership.

Along with our dealers, suppliers and employees, Toyota is determined to continue its car-making efforts in the U.S.

Thank you very much.

May 21, 2010
Toyota Motor Corporation