Friday, 22 July 2011

Tesla Motors inks a $ 100 million deal with Toyota to supply powertrain systems

The Electric Vehicle project of Toyota RAV4 is being fast tracked with Tesla Motors Inc signing a $ 100 million deal with Toyota Motor Co. to supply powertrain systems for the Japanese auto maker's coming electric RAV4 sport-utility vehicles.

According to reports, the agreement will provide Toyota's RAV4 EV models with charging systems, inverters, motors, gearboxes and associated software, according to a filing with the Securities and Exchange Commission. Production of the RAV4 EV is expected to begin next year and continue through 2014.
It was mentioned in the reports that Tesla based in Palo Alto, California stated that it began working with Toyota on the powertrain in July 2010 and entered into an initial services agreement last October. Toyota bought $50 million of Tesla's common stock in a private placement after its initial public offering. 


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