Tesla says Toyota deal is larger than forecast
The Wall Street Journal - Tesla Motors Inc. said Wednesday it landed a $100 million deal with Toyota Motor Co. to supply powertrain systems for the Japanese auto maker's coming electric RAV4 sport-utility vehicles.
The agreement signed Friday will provide Toyota's RAV4 EV models with charging systems, inverters, motors, gearboxes and associated software, according to a filing with the Securities and Exchange Commission. Production of the RAV4 EV is expected to begin next year and continue through 2014.
Tesla, of Palo Alto, Calif., said it began working with Toyota on the powertrain in July 2010 and entered into an initial services agreement last October.
In January, Tesla had said it expected to receive about $60 million in revenue from supplying the electric guts for the planned RAV4. Wednesday's announcement increases the total projected revenue to $169 million.
Toyota bought $50 million of Tesla's common stock in a private placement after its initial public offering.
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