Wednesday, February 13, 2013

Tesla In $60M Pact For Work On Electric Toyota RAV 4 SUV

Tesla Motors (TSLA) disclosed in an 8-K filing with the SEC that Toyota (TM) has agreed to pay the company $60 million under a previously announced pact to develop an electric power train for an all-electric version of the RAV 4 sports utility vehicle. Terms call for Toyota to pay the contracted amount in installments over the life of the agreement. Toyota previously purchased $50 million of Tesla common stock in a private transaction immediately after the completion of Tesla’s IPO.

TSLA is up 61 cents, or 3%, to $21.15.

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