Tesla Signed $100m Deal to Provide Powertrain for Electric RAV4
Tesla Motors has signed a $100 million deal with Toyota Motor Co. to supply powertrain equipment for the Japanese auto maker's electric RAV4 SUV.
Toyota, which previously agreed to pay Tesla $60 million for development work on battery packs and motors for use in an electric RAV4, is paying the additional funds for packs and motors to be used in a version of the vehicle that goes into production next year, the Palo Alto company reported Wednesday in a government filing.
Under the supply agreement for the all-electric RAV4, which runs from 2012 through 2014, Tesla will supply battery, charging system, motor and gearbox for the electric RAV4.
Tesla will also provide certain services related to the company's battery and powertrain technology.
The Toyota RAV4 EV, which debuted at last year’s Los Angeles Auto Show, is expected to get 100 miles of range in real-world driving.
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