Forgive me if this was posted already but I am so excited about this. I drive a 2002 RAV4 now...maybe I'll be able to afford a Tesla version someday!!!
RTTNews) - Electric car maker Tesla Motors, Inc. (TSLA: News ) said Wednesday that under a deal with automaker Toyota Motor Corp. (TM: News ), it will develop an electric powertrain system for the electric version of Toyota's sports utility vehicle, RAV4. Tesla said it will receive about $60 million from Toyota for the development services to be provided by it.
Palo Alto, California-based Tesla said that on October 6, it entered into the first phase of a contract services agreement with Toyota for the development of a validated powertrain system, including a battery, power electronics module, motor, gearbox and associated software, which will be integrated into RAV4's electric version. Tesla said it will receive the amount of $60 million in various installments during the term of the deal.
Tesla and Toyota previously entered into an deal to initiate the development of an electric powertrain system for the electric version of RAV4 and Toyota purchased $50 million of 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. The stake purchase in Tesla was made by Toyota so as to collaborate in battery-powered vehicles.
At that time, Tesla said it intends to market RAV4's electric version in the U.S. in 2012, and also said it would make prototypes by combining the RAV4 model with a Tesla electric powertrain. Tesla, which sells Roadster electric sports car, plans to produce and deliver a fleet of prototypes to Toyota for evaluation within this year.
Tesla bought the New United Motor Manufacturing Inc or NUMMI plant to built the Model S sedan and future Tesla vehicles. NUMMI, the vehicle assembler unit owned jointly by Toyota Motor and General Motors Co., was closed down in April, as GM pulled out of the JV for its post-bankruptcy restructuring.