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:
On October 6, 2010, Tesla Motors, Inc. entered into a Phase 1 Contract Services Agreement with Toyota Motor Corporation 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.