As Tesla Motors Inc. and Toyota Motor Corp. conclude an initial vehicle project that met with mixed results, Elon Musk, Tesla's chief executive officer, said his company may form another partnership with the giant Japanese carmaker.

"If you look out maybe two or three years from now, I would not be surprised if there was a significant deal with Toyota and Tesla," Musk told reporters Monday in Tokyo.

While Tesla and Toyota have no definitive plans, Musk said he envisions a larger project than their deal for the RAV4 electric vehicle.