Unless you’ve been sleeping for the past year you’ll know that Toyota is bringing back the iconic RAV4 EV for the 2012 model year and contrary to past reports, will be available for private purchase.
You probably also know that the 2012 Toyota RAV4 EV will be powered by a drivetrain designed by Californian electric car maker Tesla Motors (TSLA).
But what you may not know is how much the world’s largest automaker is paying the relative automotive newcomer to design, build and supply the 2012 RAV4 EV’s all-electric drivetrain.
2012 Toyota RAV4 EV Prototype
The answer? A cool $100 million.
Under the agreement, entered into last week but only disclosed today in a U.S. Securities and Exchanges Commission filing, Tesla will provide Toyota with its “Tesla Battery and Powertrain”.
Developed in partnership with Toyota, Tesla’s drivetrain for the 2012 RAV4 EV is based on the same technology, battery pack and power electronics found in its famous two-seat 2011 Roadster Sport 2.5.
The filing is short and sweet, detailing the obligations on both parties in the agreement, but has already helped raise Tesla’s share price by over 6 percent. during Wednesday trading.
Toyota Motor Corporation president Akio Toyoda, at Tesla stand, 2011 Detroit Auto Show
It’s hardly a surprise. After all, Tesla has just managed to obtain a guaranteed income in an industry still trying to find its feet after the global economic crisis and Japanese earthquake.
Continuing until at least 2014, the partnership couldn’t have come at a better time for Tesla, which is currently selling the last of its Roadsters before switching production to its 2012 Model S luxury sedan.