You heard it!! Tesla is getting $60 Million from Toyota to build their newer electric RAV4. Plus Toyota bought $50 million in stock. Toyota and Tesla and totally building EV jobs in the United States.
“We continued to garner high profile endorsements of our industry leading technology and electric powertrain systems,” Musk continued. Tesla Motors signed an agreement with Toyota for the development of a complete powertrain for the electric Toyota RAV4 vehicle including:
1.the battery pack
5. and associated software.
Tesla also recently completed all of the milestones for the Daimler A-Class battery development, and are now in the production phase.
“Most recently, we strengthened our six year relationship with Panasonic, announcing that the world’s leader in small format lithium ion cells, has invested $30 million in Tesla.”, says Musk.
In October, Tesla formalized an agreement 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 Toyota RAV4. Based on preliminary specifications, Toyota will pay Tesla approximately $60 million for the development services as deliverables are completed. Tesla is currently delivering early Toyota RAV4 EV prototypes.
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.