Tesla Motors seemed to have scored quite the coup earlier this month when it landed a deal with Toyota
, but it now looks like things might be a tad more complicated than first suggested. According to Tesla, there is no formal deal with Toyota on electric car development, only an "intention to cooperate,"
and Toyota's proposed $50 million investment in the company isn't a done deal either. It's apparently dependent on Tesla's IPO happening before December 31st of this year -- if that falls apart or gets pushed back, the deal is off. What is officially happening, however, is Tesla's $42 million purchase of a closed Toyota plant in San Francisco that will be used to produce the Model S
sedan -- which itself is apparently still set to go into production in 2012, and run about $49,900.