Tesla Confirms Electric RAV4, New Details

It was already known that Toyota and Tesla Motors are working on an electric RAV4, but here's the first official document that attests to the matter. Tesla filed an 8-K with the United States Securities and Exchange Commission in which it mentions that Toyota will pay around $60 million for the electric motor, but final specifications are yet to be decided.

"On October 6, 2010, Tesla Motors, Inc. entered into a Phase 1 Contract Services Agreement (the Agreement)with Toyota Motor Corporation for the development of a validated powertrain system, including a battery, power electronics module, motor, gearbox and associated software, which will be integrated into an electric vehicle version of the RAV4," it is written in the form.

"Pursuant to the Agreement, based on preliminary specifications, TMC will pay Tesla approximately $60 million for the development services to be provided by Tesla. The parties will mutually agree to the final specifications, deliverables and payment amounts and schedule within 60 days of the execution of the Agreement. This amount will be paid in various installments during the term of the Agreement."

Curiously, an electric version of the RAV4 is believed to be displayed at the Los Angeles Auto Show this year, with the final product to hit the market sometime in 2012.

Obviously, such a soon public reveal might be the first sign that the two companies are either working on an advanced iteration of the model or are just planning to test the market and see the reaction to an electric flavor of the RAV4.