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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.
[Source: Securities and Exchange Commission]
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 6, 2010
Tesla Motors, Inc.
(Exact name of registrant as specified in its charter)
3500 Deer Creek Road
Palo Alto, California 94304
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2):SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
October 6, 2010
Tesla Motors, Inc.
(Exact name of registrant as specified in its charter)
3500 Deer Creek Road
Palo Alto, California 94304
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 1.01 Entry into a Material Definitive Agreement.
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.
Tesla and TMC previously entered into an agreement to initiate the development of an electric powertrain system for the RAV4 in July 2010 and TMC purchased $50.0 million of Tesla's common stock in a private placement transaction that closed immediately subsequent to the closing of Tesla's initial public offering in July 2010.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
TESLA MOTORS, INC.
By:
/s/ Deepak Ahuja
Deepak Ahuja
Chief Financial Officer
Date: October 13, 2010
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