PALO ALTO, Calif. -
Tesla Motors informed the Securities and Exchange Commission on Thursday of the deal it has with Toyota Motor Corp. to aid the Japanese automaker as it builds an electric RAV4.
In the 8-K, Tesla told the SEC it signed an agreement with the OEM last week under which Tesla will receive about $60 million to build the electric powertrain system that Toyota will use in the SUV.
The 8-K reads as follows:
“On October 6, 2010, Tesla Motors Inc. entered into a Phase 1 Contract Services Agreement with Toyota Motor Corp. 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 form continued.  
Tesla added: “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.”
The form went on to point to the deal between Toyota and Tesla back in July, when they formally agree to the development of an electric RAV4.
Specifically, the 8-K form noted: “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.”
In July, the companies said 2012 was when they were aiming to begin selling the electric vehicle.