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 . 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.