Toyota And Tesla Agree To Deal With RAV4 EV

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Well, it’s now official; Tesla Motors has just revealed that it has signed a deal with Toyota to develop electric powertrain components of the new RAV4 EV . Tesla will work on developing the battery, power electronics module, electric motor, transmission, and software for the crossover.

Below is Tesla’s filing with the U.S Securities and Exchange Commission:

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 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.

We hope to see the RAV4 at the Los Angeles Auto Show next month and it should be on the streets in 2012.

Hit the jump for the full report from the SEC.

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):

¨ 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 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


8 comments:

haha. Just look who have been collaborated its Toyota and Tesla! And do you know what’s the common denominator of the two? Well, both have recall there cars, so buyers "watch out"!

Very impressive. What did they do to the suspension to put down all that hp? also nice post and good information about Lingenfelter 855 HP LS9 2010 i liked the engine and the exterior part.

This company, that most claimed was nothing but a start up a few years ago, just signed a deal with the largest auto maker in the world.

Tesla had a recall in May for a flange for 350 cars. And now a second critical recall for battery problems 5 months later.

Yeah it’s a conjuring trick, but look at today’s reality: it’s not a bad business model if you can pull it off.

What? Tesla collaborated with the Toyota? Are they out of their mind?

Toyota and Daimler are throwing them a bone because they want to get their money back.

they need to work out the plug situation first...

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