Tesla Motors will receive $60m from Toyota to develop an electric version of the RAV4.
The electric carmaker outlined details of its agreement with Toyota in a filing with the US Securities and Exchange Commission.
Tesla will manufacture an electric powertrain system for Toyota that includes a battery, power electronics module, motor, gearbox and other software for an electric RAV4.
The prototype of the Toyota RAV4 EV is expected to make its debut at the 2010 Los Angeles Auto Show next month.
Tesla and Toyota previously entered into an agreement to initiate the development of an electric powertrain system for the RAV4 in July. Toyota struck a partnership with Tesla in May, in which it sold Tesla a factory in California and invested $50 million in the electric carmaker, which went public in July.
Text of the form is below:
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.
