In a regulatory filing submitted on Wednesday, Tesla Motors revealed that it has signed a $60 million contract with Toyota to develop electric powertrain components for a battery-powered RAV4. This agreement states that Tesla will develop the battery, power electronics module, electric motor, gearbox and software for the popular crossover. The filing builds upon an earlier announcement when Toyota and Tesla stated their intentions to partner on the development of future electric vehicles.
Tesla's filing with the U.S. Securities and Exchange Commission reads:
Previous reports suggest that a production version of the electric RAV4 should be ready to whiz down the streets by 2012, but we should get a first glimpse of a the RAV4 EV prototype at the Los Angeles Auto Show next month. Hit the jump the read Tesla's formal filing in its entirety. Hat tip to VFX!On October 6, 2010, Tesla Motors, Inc. ("Tesla") entered into a Phase 1 Contract Services Agreement (the "Agreement") with Toyota Motor Corporation ("TMC") for the development of a validated powertrain system, including a battery, power electronics module, motor, gearbox and associated software, which will be integrated into an electric vehicle version of the RAV4. Pursuant to the Agreement, based on preliminary specifications, TMC will pay Tesla approximately $60 million for the development services to be provided by Tesla. The parties will mutually agree to the final specifications, deliverables and payment amounts and schedule within 60 days of the execution of the Agreement. This amount will be paid in various installments during the term of the Agreement.