Tesla reached a $60 million deal with Toyota to develop RAV4 EV powertrain
By Andrew, 14 Oct, 2010. 0 Comments
2011 Toyota RAV4
Tesla Motors announced that it has reached a $60 million deal with Toyota Motor Corp, in order to develop the powertrain for an electric version of the RAV4 SUV. For those who don’t know, back in July, Tesla and Toyota announced that plans to work jointly on an electric version of the RAV4. The Toyota RAV4 is one of the top-selling cars in its segment in the United States but also on the European market.
According to Tesla, the services agreement with Toyota includes the development of a battery, power electronics module, motor, transmission and software for the RAV4. In June, Toyota became the key investor in Tesla, when it bought a $50 million stake in the electric car manufacturer in a private placement.
"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." stated the press release.
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