A previous report we brought you on how Tesla was teaming up with Toyota to build electric cars in California now needs to be slightly clarified. This recent update is based on a recent IPO statement from Tesla that states that although the two companies announced their intention to cooperate on Tesla Model S electric car development, they have not made any formal agreements to do so and may never at all.

While it still remains true that Tesla and Toyota will be sharing space at the NUMMI factory as well as some strategies, it definitely brings potential investors a dose of reality as Tesla prepares to be publically traded on the Nasdaq.