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Tesla and Toyota to develop electric powertrain system

- By Christin Nilsson

Tesla Motors signs agreement with Toyota Motor Corporation to develop an electric powertrain system for the electric version of the RAV4.

Tesla Motors, Inc. has entered into a Phase 1 Contract Services Agreement with Toyota Motor Corporation 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.

TMC will pay Tesla approximately $60 million for the development services to be provided by Tesla.

Read more: Toyota may rethink Thai investment

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’s common stock in a private placement transaction that closed immediately subsequent to the closing of Tesla’s initial public offering in July 2010.

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