Toyota to Pay Tesla $60 Million for Electric RAV4 Development
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Toyota Motor Corp., the world’s largest automaker, will pay affiliate Tesla Motors Inc. about $60 million to develop batteries, motors and other parts for an electric-drive vehicle the companies are collaborating on.
The terms of the deal, initially announced in July, were completed Oct. 6, Palo Alto, California-based Tesla said yesterday in a regulatory filing. Tesla is modifying its lithium-ion battery packs, motors, power electronics, gearbox and software for Toyota’s compact RAV4 sport-utility vehicle.