Tesla Motors says recent investment by Toyota in its RAV4 electric vehicle amounts to USD60m.
The Japanese manufacturer is showing its RAV4 Concept at the Los Angeles Auto Show this week before being brought to market in 2012.
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A Tesla spokeswoman confirmed the US$60m figure to just-auto today (16 November), which is in addition to a previous US$50m investment announcement from Toyota in June which will see both companies evaluate manufacturing and joint platforms.
“Less than two months later [from June] we announced what was in many ways the first fruits of that agreement, which was the RAV4 deal,” said the spokeswoman.
“Tesla disclosed only recently the RAV4 deal was worth US$60m from Toyota. The US$60m is correct.”
Sources close to the situation also confirm Tesla has delivered the first prototypes to Toyota in Japan.
The new concept combines the current RAV4 compact SUV with an electric powertrain from Tesla Motors.
Toyota will announce specifications and further details of the new RAV4 EV Concept at the Los Angeles Auto Show tomorrow (17 November).
Tesla and Toyota are jointly developing an electric version of the RAV4, with the US company building the entire powertrain. Toyota will pay Tesla US$60m to produce the powertrain.
