Tesla Wins $100 Million Supply Deal With Toyota for RAV4 EV
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Tesla Motors Inc., maker of electric Roadster sports cars, said today it reached a three-year agreement with Toyota Motor Corp. to supply powertrain equipment worth about $100 million.
Toyota, which previously agreed to pay Tesla $60 million to develop lithium-ion batteries and motors for use in an all-electric RAV4 sport-utility vehicle, is paying the additional funds for packs and motors for the vehicle that goes into production next year, Tesla said in a regulatory filing.