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Toyota RAV4 EV – Click above for high-res image gallery

Buried within its latest U.S. Securities and Exchange Commission (SEC) filing, Tesla Motors revealed that its deal with Toyota is to be pumped up, with the Japanese automaker agreeing to fork over an additional $100 million to Tesla. Initially, word of the agreement brought trading of Tesla stock (NASDAQ ticker symbol: TSLA) to an immediate halt. However, the freeze was short-lived, with TSLA shares currently trading in the ballpark of $29.

For the record, Tesla's SEC filing reads:

On July 15, 2011, Tesla Motors, Inc. entered into a Supply and Services Agreement with Toyota Motor Corporation for the supply of a validated electric powertrain system, including a battery, charging system, inverter, motor, gearbox and associated software, which will be integrated into an electric vehicle version of the Toyota RAV4. Additionally, Tesla will provide TMC with certain services related to the supply of the Tesla Battery and Powertrain. Pursuant to the Agreement, TMC will pay Tesla approximately $100 million. Production of the RAV4 EV is expected to begin in 2012 and to continue through 2014.

Basically, this agreement is nothing more than an extension of the Toyota-Tesla deal that became official back in May of 2010. An extra $100 million is nothing to sneeze at and, according to Smart Planet, could assist Tesla with development of the upcoming Model S.


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Live photos copyright ©2010 Sebastian Blanco / AOL

[Source: U.S. Securities and Exchange Commission, Smart Planet]


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    • 1 Second Ago
  • 10 Comments
      • 1 Month Ago
      Marketing co-strategy. Toyota does not need Tesla to do this in any way, this is a strategic plan to benefit both companies. Clever but not about leveraging Tesla tech. It's working though and it covers a CARB ploy, NUMI deal and other stuff. Let me guess they will hire Tesla to do the next gen Prius? Don't be fooled.
      Marco Polo
      • 1 Month Ago
      Very shrewd business acumen by Tesla and Toyota. Both companies benefit from each others reputations and expertise. Toyota gains a reputable and competent US based small volume,specialist supplier with a high 'green' recognition factor. Tesla gains a reliable, high quality, JVC partner and access to a steady income/capital source, while developing it's own new model. A win for Tesla A win for Toyota A win for the consumer.
        uncle_sam
        • 1 Month Ago
        @Marco Polo
        This is also a win for Panasonic making all those batteries. This is a win for the ppl employed at tesla in the US. This is a win for Japan after the Tsunami. This is a win for me as stockholder :) Toyota does exactly know what they are doing I really look forward to the cars they will make., so the production of the rav4 ev becomes real. I wonder how the rav4 ev will perform offroad...
      • 1 Month Ago
      $100 million... that should just about cover the ass-raping that Elon Musk endured at the hands of his greedy ex-wife in the divorce. That nasty woman nearly took down the whole company.
      Ladson
      • 1 Month Ago
      Still think Toyota won't buy Tesla? You may want to rethink this one!
        skierpage
        • 1 Month Ago
        @Ladson
        I don't know how a "Supply and Services" contract is structured, but $100M translates to 3,000 RAV4 EVs at $33,000 each, or 4,000 at $25,000 each. Not a whole lot of cars and relatively speaking not a whole lot of money. That's very different from spending billions to acquire TSLA. As I wrote on Jalopnik, As of today Tesla is valued at $2.95bn (!). Buying Tesla gets you the Roadster (production winding down), the upcoming Model S and its factory, and early design work for the Model X CUV and the far-off Blue Star. That's a lot of money for 1 and 2/3 low-volume car lines. You also get Tesla's motor, motor control electronics, battery electrical/thermal/safety management system, and their expertise in making battery packs out of thousands of laptop cells (which many think is the wrong approach). A steal for $1bn, not so great at $3bn. - - - So why would Toyota do it? They have lots of in-house expertise with batteries, motors, regen, all-electrical accessories, electronics, etc. from making the best hybrids in the world. They're making the underwhelming (Scion) iQ Electric and the Prius PHEV in-house. Either they think the Model S and future models will be a smash and want the profits for themselves, or they want to own the Tesla technology for their own future models instead of paying Tesla for it. Could be.
        William
        • 1 Month Ago
        @Ladson
        The partnership seems to be working out for both Companies as is. Is there a compelling reason to believe that Toyota wants to buy, or that Tesla wants to be bought?
        Ladson
        • 1 Month Ago
        @Ladson
        Tesla is building cars in the old Toyota plant in CA; Toyota has a large stock investment in Tesla; $100,000,000 ain't peanuts and both CEOs are on record of getting along well; just to name a few things.
      markkiernan
      • 1 Month Ago
      Wow! Go Tesla!!!
      GR
      • 1 Month Ago
      Nice work Tesla!