Tesla said Wednesday that it will garner $100 million from Toyota Motor Corp. for producing the electric powertrain system for the RAV4 EV.
Toyota confirmed that the RAV4 EV was on tap for 2012 in response to a bevy of news reports.
In a filing with the Securities and Exchange Commission, Tesla said that it entered a supply and services agreement with Toyota on July 15. Under the deal, Tesla will supply the electronic powertrain system including a battery, charging system, inverter, motor, gearbox and associated software.
Tesla will also provide services to Toyota.
The two automakers have been partners and the two companies started development in July 2010. The companies sealed a services agreement in October 2010. Production of the RAV4 EV will start in 2012 and continue through 2014.
In the end, the revenue from Toyota will give Tesla some air cover as it develops its sedan.