Just the Facts:
Tesla will help develop powertrain, including motor and batteries,
for Toyota RAV4 EV. News of the transaction was contained in an
official 8-K statement filed by Tesla with the U.S. Securities and
Exchange Commission. The Toyota EV is due in 2012.
*PALO ALTO, California* — Tesla Motors said Toyota, which acquired a
minority stake in the California electric-vehicle maker in July, will
pay $60 million to help the electric-vehicle company develop a
powertrain system, including motor, batteries and controls, for an EV
edition of the Toyota RAV4 that's due in 2012.
News of the transaction was contained in an official 8-K statement
filed by Tesla with the U.S. Securities and Exchange Commission. Tesla
said the agreement with Toyota was reached on October 6 and includes
"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."
Toyota paid $50 million to acquire a minority interest in Tesla after
the California firm's initial public offering [1] of stock in July.
The preliminary agreement to develop an electric drivetrain for the
next-generation RAV4 also was announced [2] in July.
Tesla also has taken over the former Toyota-General Motors
joint-venture assembly plant [3] in Fremont, California, where it
plans to build its next electric vehicle, the Model S, in 2012.
*Inside Line says:* Toyota appears to be ever so slightly hedging its
massive bet on hybrids. — Paul Lienert, Correspondent
More:
Toyota Will Pay Tesla $60 Million for RAV4 EV Development
Links:
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[1] http://www.insideline.com:80/tesla/tesla-ipo-raises-more-than-200-million.html
[2] http://www.insideline.com:80/toyota/rav4/tesla-will-help-develop-electric-rav4-with-toyota.html
[3] http://www.insideline.com:80/tesla/toyota-and-tesla-to-make-electric-vehicles-at-mothballed-nummi-plant.html
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