Tesla Has $60M Contract With Toyota

PALO ALTO, Calif. (AP) -- Electric car maker Tesla Motors Inc. said in a regulatory filing Wednesday that it signed a $60 million contract with Toyota Motor Corp. to develop an electric version of Toyota's RAV4 small crossover vehicle.

The two companies said in July that they would work together on an electric version of the RAV4.

Toyota bought $50 million worth of Tesla's stock after Tesla's initial public offering that same month.
More in Supply Chain