DeviceGuru

Tesla Motors this week disclosed an agreement with Toyota to develop an electric powertrain system for the electric version of the RAV4. Toyota will pay Tesla approximately $60 million for the contracted development services.

The company filed a form 8-K with the U.S. Securities and Exchange commission to disclose its agreement with Toyota. The form contains the following statement:

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.

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.

Toyota discontinued production of an earlier RAV4 EV model in the spring of 2003, but at the time said it remained “committed to developing an ‘Eco Vehicle,’ one that will have a minimal impact on the environment.”

For further information on Tesla’s electric vehicles and related technologies, visit the company’s website.