Toyota Motor Corporation (NYSE:TM) and Tesla Motors Inc (NASDAQ:TSLA) have signed an agreement to develop an electric version of the RAV4. Toyota and Tesla are aiming to market the electric vehicle in the U.S. by 2012. The prototypes would be a Toyota RAV4 with a Tesla electric powertrain. The first prototype has been built and is going through testing. [Tesla PR]

Tesla Motors Inc (NASDAQ:TSLA) is expecting to make about $60 million in revenue for building the electric components for the Toyota RAV4 SUV. Toyota bought $50 million worth of equity in Tesla shortly after the California based electric vehicle company went public in June. Tesla will be building the batteries, gearbox, motor, and electric control system. Tesla also received a $30 million investment from Panasonic on November 2nd. Tesla sells the Roadster sports car for $109,000 and is planning to start selling a luxury sedan called the Model S in 2012. [WSJ]

Tesla Motors Inc (NASDAQ:TSLA) and Toyota Motor Corporation (NYSE:TM) have officially entered a $60 million deal with each other. Even though Toyota announced plans to provide a Tesla powertrain to the electric version of the RAV4, it is in writing now. Tesla filed a form with the U.S. SEC to disclose their $60 million agreement with Toyota. Tesla expects there to be RAV4 with Tesla powertrain prototypes out later this year. A commercial model should be ready by 2012. Below is part of the SEC statement: