Tesla Signs $60m Toyota Deal for Electric RAV4

Tesla Motors said in a regulatory filing Wednesday that it signed a $60 million contract with Toyota to develop an electric version of the RAV4 sport utility vehicle.

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.

Tesla and Toyota previously entered into an agreement to initiate the development of an electric powertrain system for the RAV4 in July 2010 and Toyota invested $50 million in the electric car maker, which went public that same month.

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.