October 13, 2010 / 10:11 PM / 9 years ago

Tesla signs $60 mln development deal with Toyota

* Deal covers powertrain development on electric Rav4 SUV

* Tesla entered agreement with Toyota on Oct 6

DETROIT, Oct 13 (Reuters) - Tesla Motors (TSLA.O) said on Wednesday that it has reached a $60 million deal with Toyota Motor Corp (7203.T) to develop the powertrain for an electric version of the strong-selling Rav4 sport utility vehicle.

Tesla and Toyota announced in July plans to work jointly on an electric version of the Rav4, a small SUV that is always among the top-selling vehicles in the United States.

The services agreement with Toyota includes development of a battery, power electronics module, motor, gearbox and software for the Rav4, Tesla said in a filing with the U.S. Securities and Exchange Commission.

Toyota has become a key investor in Tesla, acquiring $50 million of Tesla common stock in a private placement completed after the electric carmaker’s initial public offering in June.

Tesla Chief Executive Elon Musk told Reuters in late September the electric carmaker would serve as a key supplier to Toyota on the Rav4 project.

Musk said there was a good chance the first thousand electric Rav4s could be produced at the former Toyota and General Motors Co [GM.UL] joint venture plant in California known as New United Motor Manufacturing Inc, or NUMMI. (Reporting by David Bailey; Editing by Bernard Orr)

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