UPDATE 1-Tesla, Toyota sign memo of understanding

* Tesla, Toyota sign memo to develop electric cars

* Tesla to deliver 2 prototypes to Toyota by end of July

SAN FRANCISCO, July 9 (BestGrowthStock) – Electric carmaker Tesla
Motors Inc (TSLA.O: ) said on Friday it signed a memorandum of
understanding with Japanese automaker Toyota Motor Corp
(7203.T: ) to develop electric vehicles.

Tesla said it plans to deliver two electric vehicle
prototypes to Toyota by the end of the month.

Toyota President Akio Toyoda said earlier on Friday that
Toyota was interested in experimenting with Tesla’s approach to
using lithium-ion battery cells developed for the electronics
industry as a potential alternative to developing batteries
tailor-made for its own vehicles as it had been doing.
(Reporting by Poornima Gupta; Editing by Gary Hill)

UPDATE 1-Tesla, Toyota sign memo of understanding