Tag archives for Toyota
Gran Turismo 6 is coming. In celebration of the franchise’s 15th anniversary, Sony today announced its signature racing game Gran Turismo 6 is in development, and will arrive on shelves this holiday season. A playable demo is scheduled to arrive in July.
Sony touts Gran Turismo 6 as bringing new levels of realism and authenticity to the sim racing genre. GT6 boasts an entirely new game and physics engine, the latter of which includes a new aerodynamic model, a new tire model, and a new suspension and kinematics model. Like its rivals at Forza 4 (which worked with Pirelli to help with its tire models), the GT6 team joined with Yokohama and KW Automotive to help develop a more realistic experience in the latest Gran Turismo game.
Gran Turismo 6 will reportedly be released this holiday season, though it’s probably worth noting that GT6′s predecessor, Gran Turismo 5, was the subject of multiple delays. Still, there are a few reasons to remain optimistic. For starters, all of the cars and tracks in GT5 will be carried over to GT6, which will include 1200 cars at launch (though as Motor Trend’s Kirill Ougarov joked on Twitter, “1100 of them will be Skylines”). The newest Gran Turismo will also include seven new tracks (including Silverstone), bringing the track total to 33. There will be 71 different track layouts in the game, with 19 of them new. If those grow old, the course maker function has been improved.
With the announcement of GT6, Sony is planning on continuing its collaboration with Nissan’s GT Academy, the program that turns Gran Turismo gamers into real-life racers. GT Academy returns this July, with the release of the GT6 Silverstone demo.
Speaking of the demo, Sony released a short teaser of the killer graphics and cars we can expect to see in GT6, including the 1986 Audi Quattro rally car, and the 2012 Tesla Model S Signature Performance.
Here are the cars you’ll be able to drive in the July demo. Bold text indicates the car is new to the Gran Turismo series:
- 1991 Acura NSX
- 2011 Alfa Romeo TZ3 Stradale
- 1968 Alpine a110 1600S
- 1986 Audi Quattro S1 rally car
- 2009 Ferrari 458 Italia
- 1971 Ferrari Dino 246 GT
- 2006 Ford GT
- 2012 KTM X-Bow R
- 1974 Lamborghini Countach LP400
- 2007 Light Car Company Rocket
- 2010 McLaren MP4-12C
- 2011 Mercedes-Benz SLS AMG GT3
- 2008 Nissan 370Z (GT Academy Version)
- 2008 Nissan 370Z Tuned Car (GT Academy Version)
- 2012 Nissan GT-R Black Edition (GT Academy Version)
- Nissan GT-R Nismo GT3 N24 Shulze Motorsport
- Nissan Leaf G (GT Academy Version)
- 2012 Tesla Model S Signature Performance
- 2012 Toyota 86 GT
What cocktails go best with all this car chatter? Automobilemag.com is here to help with weekly recipes. Remember, this is for talking about cars, not driving — always designate a driver. With the arrival of warmer weather in most of the country, we’re celebrating the spring-like weather with associate web editor Donny Nordlicht’s favorite drink: the sky-blue-colored Aviation. Combine two ounces of gin with half an ounce each of lemon juice and maraschino liqueur and a quarter ounce of crème de violette in a shaker filled with ice. Shake well, strain into a cocktail glass, and garnish with a cherry.
Not Gonna Happen: You might scoff if I told you I expected to earn eight times my current salary by 2015. Even if I told you I was starting two extra jobs, you would probably think it overly optimistic to expect to increase my salary by such a large amount in just two years. Imagine my skepticism, then, when Maserati says it will sell 50,000 cars worldwide by 2015. For reference, the Italian brand delivered just 6307 new cars in all of 2012, an eighth of what it plans to shift by mid-decade.
Maserati believes it can octuple its annual sales volume by adding the Ghibli (aka a baby Quattroporte) and the Levante SUV to the just-released Quattroporte. But given that the Ghibli doesn’t go on sale until later this year, and the Levante might not reach showrooms until next year or later, it’s hard to believe Maserati can pick up 43,693 extra sales so quickly. Even once the Ghibli and Levante launch, is there really such a large market for Italian luxury cars? Only if hordes of buyers ditch their Audis, BMWs, Jaguars, and Mercedes-Benzes for the new Maseratis — and that isn’t likely to happen on such a short timetable.
Jake Holmes, Associate Web Editor
Racing Roadtrip: Between last weekend’s final rounds of NCAA basketball, what could have been better than putting 750 miles on a 2014 Mazda CX-5? As long as I had one to sample, I decided to dash from Southern California to St. George, Utah, and pick up a rug stored for me there. I left before Sunday’s dawn. In the next 370 miles I found the CX-5 to be the friendliest and most agreeable creature since Snowy the terrier in The Adventures of Tintin. Mine was the Touring model equipped with the 2.5-liter four-cylinder that growled playfully when started and proved to have plenty of midrange while barreling up mountainsides. Meanwhile, the vehicle’s solidity and composure yielded delights in every mile.
Supplemental entertainment came from listening to The Art of Racing in the Rain. This touching novel by Garth Stein made the hours vanish. I found myself quibbling with canine narrator Enzo’s ranking of Steve McQueen among his very favorite actors but cheering on when, with gastric revenge in mind, he accepted a bottled pepper from the story’s villain and defiled an area of rich Berber carpeting. The narration ended too soon–just as I’d cleared Sin City on the return leg. I-15 was clogged with traffic from the casinos and Las Vegas Motor Speedway, which had hosted the NHRA. If John Force was in our midst, he was often going 3 mph rather than 300 mph. But the CX-5 was still a delight.
Ronald Ahrens, Contributor
Small World: I’d never driven a 65-series AMG model before, so when handed the keys to a matte grey Mercedes-Benz CL65 AMG on Tuesday, I made sure to chronicle the occasion in photos. The next day, I stumbled on the Twitter and Instagram accounts for one Michael Kubler. (@F1Mike28). Kubler works at AMG in Affalterbach, Germany, where he hand-builds engines — V-12 engines, to be exact. I turned to the photos, and sure enough — Kubler had built the twin-turbocharged, 6.0-liter twelve-cylinder I fell in love with the night prior.
Go figure. Thank you, Michael, for building one of the most amazing engines I’ve ever had the opportunity to sample in a road-going automobile.
A night with the CL65 was amazing, but it wasn’t the high point of the week. That might go to finally having the chance to drive a friend’s 1991 Isuzu Impulse RS, one of roughly 1402 imported to North America before Isuzu stopped building cars outright. Pity all Isuzu’s car products didn’t boast the RS’ turbocharged 16-valve four-banger or its rear-biased AWD system.
As a lover of quirky cars, I’m glad this Impulse still exists — but I’m happier yet that there are still people who care for and about cars like this. I can’t help but feel that many self-professed “car guys” can’t appreciate cars outside of a few select “exotic” or “premiere” brands. Pity, because there are so many other interesting — and, gasp, enjoyable cars — in the automotive spectrum. Ignore, dismiss, or crush them, and you’re destroying history. Need proof? Of those 1402 Impuse RS models shipped to North America, no more than 150 are still on the road today.
Evan McCausland, Associate Web Editor
Getting Kinky: I recently noticed a trend in recent automotive design: the front window kink. This is a little dip in the daylight opening just aft of the A-pillar, often near to the side-view mirror. I first noticed it on the 2014 Cherokee, and began noticing it on the current Toyota Camry and 2014 Highlander, and on the outgoing Kia Forte, among others. Although I generally find the detail to look out of place in every application, if it means the end of slab-sided designs and gun-slit windows, I’ll take it.
Donny Nordlicht, Associate Web Editor
Patrolling in Style: The 5-0 in Dubai just got an upgrade to its fleet — a major upgrade. The Dubai Police recently added a $450,000 Lamborghini Aventador to cruise the streets for crooks. Sure, it’s fast (0 to 60 mph in three seconds), but the article raises the question of practicality: how does one fit a suspect into the backseat?
John Kalmar, Graphic Designer
Give Me Affectation: The Automobile Magazine staff is still arguing over the Camaro Z/28‘s bare-bones interior. To some of us, the lack of a radio and optional air-conditioning delete says, “serious sports car.” Others in this office have, not wrongly, pointed out that such savings cannot possibly make much of a difference in a 3800-pound, 500-hp car and thus amount to little more than pointless posturing.
This got me thinking: how much of what we love about sports cars is mere affectation? It’s easy to make fun of huge spoilers and fake carbon fiber, but how about the manual transmission? It’s almost always slower than a modern dual-clutch automatic, a fact Porsche drove home by kicking the stick-shift out of its hardcore 911 GT3. But while we’re talking about Porsche, what’s the point anymore of the left-hand ignition? Drivers don’t run to their cars at the starting line anymore, and most expensive passenger cars have keyless fobs anyway.
Angry yet? You should be. Race cars are meant to go as fast as possible, and thus must mercilessly dispense with outmoded technology and conventions. But sports cars are not race cars. Sports cars are meant to evoke emotion. So, give me a stick-shift. Give me thousands of gauges that I don’t really need (so long as the important ones are in my direct line of sight). Don’t give me A/C. I’ll sweat it out with a grin on my face.
David Zenlea, Associate Editor
Rough Day: I’m having a rough day, as you can see by this picture. I’m in northeastern Spain driving the new Jaguar F-Type roadster, which goes on sale this spring starting at $69,000. The model pictured here is the F-Type S, which has a 375-hp version of Jaguar’s supercharged 3.0-liter V-6 that’s good for a 4.8-second 0-to-60-mph time and a top speed of 171 mph. It starts at $81,000, while the F-Type V8 S, with 488 hp, will cost $92,000. Jaguar points out that each model of the F-Type is about 25% cheaper than comparable Porsche 911 models. The automaker has high hopes for the F-Type and expects about half of worldwide sales to come from the United States. I’m not allowed to share my driving impressions of the F-Type just yet; check back at Automobilemag.com on Tuesday evening, April 17, when the embargo lifts, for my story.
Joe DeMatio, Deputy Editor
Right Road, Wrong Car: I sampled the 2014 Kia Cadenza this week. The drive route was fantastic leaving the Presidio in San Francisco, crossing the Golden Gate Bridge, and continuing up the lovely Pacific Coast Highway. Although the big sedan handled the tight road better than I had expected, I kept wishing I were on this exact route in my 1992 Miata. Even the Cadenza’s 293 hp was far too much for the slow-moving dump trucks and sedans on the road. My little Miata would have been perfect. Sadly it was 2000 miles away in my garage. Oh well, it looks like Spring might finally be coming to Michigan and I’ll soon be able to enjoy my little roadster on a more regular basis.
Phil Floraday, Senior Web Editor
****tail Chatter: Somebody painted one whale of a willy on the Nürburgring this past weekend. No one has taken responsibility for the novelty-sized phallus, but I’d like to virtually high-five the mystery vandal here and now. Well done, bud(s).
Chris Nelson, Road Test Editor
Charlie Horse: I like the Fiat 500 Abarth but because it’s probably the craziest car you can buy for $25,000. It has a relatively small engine, it makes a lot of noise, and it’s a handful on the track without being outwardly deadly.
While I’m not sure adding an automatic transmission to the Abarth is a good idea–the softer Turbo model is a much better model for a two-pedal setup–I’m sure it should earn a few sales with people who like crazy cars but never learned how to use a clutch. But to say that these tweaks will help the Abarth appeal to more women is suspect. I’m not saying that Fiat North America president Tim Kuniskis is misogynist, but maybe a little shortsighted: the Abarth might not appeal to women as much because it’s marketed either by a topless/blatantly flirtatious Catrinel Menghia or by Charlie Sheen and his questionable ethics. Perhaps it’s time to consider making your Abarth ads a tad more feminist, before retooling your factories?
Ben Timmins, Associate Web Editor
The Politics of Green Cars: Fisker has laid off 75 percent of its workforce with the remaining employees apparently sticking around just to sell off assets and take the company through bankruptcy. Tesla’s Elon Musk appeared before the Texas state legislature this week to argue against the need for franchising his dealerships. Musk, whose Tesla Model S is our 2013 Automobile of the Year, also won a ruling in New York Supreme Court case that allows him to continue selling cars in company owned dealerships (kind of like Apple stores). Judge Raymond J. Elliott III ruled that dealers can’t use the Franchised Dealer Act to sue competitors, and their attempt to do so proves Tesla has value in the open market. Tesla also is paying off its Department of Energy loans ahead of schedule. Fisker, obviously, is not, and we’ll end up about $192 million short thanks to Henrik Fisker’s ill-conceived business plan and poorly built cars. One might say the DOE under President Obama isn’t picking winners and losers; it’s picking both. That hasn’t prevented the Fox News juggernaut from confusing Tesla and Fisker. In a “report” that mentioned Fisker, Bill O’Reilly says “Tesla had $523 million in losses…” not true. And Musk said this week he’s “hurt” that former vice presidential candidate and former Alaska Governor Sarah Palin lumped Tesla in with Fisker. Don’t you wonder how easily O’Reilly and Palin get this confused?
Todd Lassa, Executive Editor
The NUMMI venture between Toyota and General Motors may be long gone, but some of that partnership’s parts and equipment will live on with Tesla.
The electric vehicle company just bought $15 million worth of assets from the NUMMI plant in Fremont, California.
This follows Tesla’s agreement to purchase the plant for about $42 million. In July, Tesla and Toyota announced an electric version of the 2012 Toyota RAV4 SUV would be produced.
It’s possible the purchase of this equipment will help Tesla meet its deadlines for the Model S five-door. The car, according to Tesla, will head from 0-60 mph in 5.6 seconds and last 300 miles to a charge.
Shares of Tesla’s stock, which opened at $17 a share, closed at $19.10 on August 20.
Source: The Street, Tesla
By Zach Gale
NAGOYA, JAPAN — What will Toyota Motor Company get out of its recent minor investment in Tesla Motors? Perhaps an electric vehicle prototype, Toyota President and CEO Akio Toyoda told a group of American reporters Friday. Toyoda expressed enthusiasm for working with a new, Silicon Valley-based high-technology company and said through an interpreter they can “join hands and develop cars, in terms of being a joint-venture.”
Toyoda said his company is “building a prototype EV unit,” but would announce details to the press at a later date. When asked to clarify whether the EV car is a joint venture with Tesla, Toyota Executive Vice President Shinichi Sasaki said there are two Toyota EVs in the works. One car is from Toyota alone and the other is with Tesla. Bottom line is that Toyota will work with Tesla on something. Whether it ever goes public will depend on its engineering success.
Earlier, Sasaki expressed enthusiasm for Tesla’s use of household personal computer lithium-ion batteries, but conceded that “reliability goes down” when you string thousands of them together to power a car.
And, of course, one thing Toyota doesn’t need these days is a new reliability problem. The whole point of the American automotive and business journalists’ visit to Japan, ending Friday, was a deep dive into Toyota’s quality and safety operations.
Toyoda said that its investigation of more than 3600 unintended acceleration claims found no problem with its electronic throttle control systems. He also said Toyota has no intention of blaming customers for accidents caused by what the drivers claimed were unintended acceleration problems.
Toyoda skirted the issue of whether Toyota’s new quality and safety initiative is eating into its resources to build more interesting cars. His hints that Toyota might build a new-age Supra were no more than hints, and Toyoda acknowledged it will take the approval of the whole company to build such a car; that it’s not simply his decision. Watch for more detail and analysis coming presently in the Motor City Blogman blog.
Auto News, Tesla, Toyota
2011 Aston Martin DB9, Vantage N420 Details, Pricing Released
By Todd Lassa
In one of the quickest turnarounds we’ve seen in years, the Toyota RAV4 EV that Tesla only agreed to build for the Japanese giant four months ago will make its debut at the Los Angeles Auto Show next week.
To be fair, by the time the companies announced the project, they already had a prototype built. Still, considering how fast they got a show car together, it’s likely that the drivetrain and battery system are very similar, if not identical, to the Tesla Roadster’s. All either company has said is that Tesla has been contracted to develop a battery, motor, gearbox and all related electronics for the RAV4 EV, for which Toyota will pay them a cool $60 million.
For the moment, Toyota’s only released these two teaser images of their nifty new badge and shout-out to Tesla on the speedometer. Further, the company has simply announced that the RAV4 EV will be at LA, but has kept all other details to itself. That means we won’t know the vehicle’s range, charge time, launch date or price until next week at the earliest. Unless more images are released, we won’t know what it’ll look like until next week either, though if the original RAV4 EV is any indication, the changes won’t be too radical save perhaps some aerodynamic improvements.
Stay tuned to MotorTrend.com next week for our complete live coverage of the 2010 Los Angeles Auto Show.
By Scott Evans
Lots of car doors open when you have $50,000 to spend. A 2013 Ford Mustang Boss 302 Laguna Seca and a base 2013 Porsche Boxster cost about $50,000, but if an electric-powered crossover is more your style, then you’ll also have enough to afford the Toyota RAV4 EV, set to go on sale later this summer with an asking price of $49,800, before credits.
Is that asking too much? Toyota doesn’t think so. Ed Larocque, Toyota USA’s national marketing manager for advanced technology vehicles, defended the RAV4 EV’s price point to WardsAuto: “All things considered, [including] what you’re getting with the product, we think it’s priced right for the market in California.” Following the initial launch in California, Toyota will decide what U.S. markets will get the RAV4 EV.
The RAV4 EV includes a powertrain developed with Tesla Motors. Toyota claims it will accelerate from 0-60 mph in 7.0 seconds in sport mode and 8.6 seconds in normal mode, while reaching a top speed of 100 mph. Its lithium-ion battery pack will need about 6 hours to charge (level 2, 240V), providing a range of 92-113 miles, depending on driving modes and conditions. Standard creature comforts include navigation, heated front seats, and seating surfaces wrapped in Toyota’s new Neutron fabric.
Last but not least are the tax credits. Combining the federal tax credit of $7500 with California’s $2500 credit and the RAV4 EV’s price was knocked down to about $39,990. By comparison, the all-electric Nissan Leaf hatchback is $36,050 (before credits), while a fully loaded 2012 RAV4 Limited AWD V-6 is priced at $32,820.
Source: WardsAuto, Toyota
Toyota and Tesla have joined forces in producing battery packs and motors for the upcoming electric RAV4 in what was previously a $60 million deal, but now, the Japanese automaker is forking over more money and officially making it a $100 million deal.
The RAV4 EV, set to go into production next year, was rumored to only be available for fleet sales, but we shed light on those claims earlier this week. Toyota said in a press release that the electric SUV would be available to the public.
The EV SUV was first introduced some 14 years ago, but never fared well, like most other electrics during that time. But this time around may be different, considering more customers are taking the electric path, not to mention battery technology has improved exponentially since then. Toyota anticipates learning from the electric vehicle start-up company’s savviness in electric battery technology, while perhaps having the Tesla-touch boost sales. As part of the give-and-take deal, the Japanese automaker will assist the electric roadster company with its expertise in mass production.
The agreement will run until 2014, in which Tesla, together with Toyota, will build lithium-ion battery packs for the RAV4 at the NUMMI auto assembly plant in Fremont, California. Tesla’s new Model S electric sedan will also be produced at the same facility.
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If we aren’t yet past the old narrative that all electric cars are cheap and tiny egg-shaped golf carts, one trip in the 2013 Toyota RAV4 EV should put that to bed.
The new generation of the RAV4 EV is one of the best examples yet of the viability of an electric future. It combines pleasing design, build quality, driving excitement, fuel economy and – here’s the kicker – utility like no other EV has. During a ride and drive event at the Los Angeles Auto Show, we had a chance to hop behind the wheel.
The 2013 Toyota RAV4 EV boasts a strong physique that doesn’t differentiate much from the standard, gas-burning RAV4, expect for a few details that make it appear leaner and cleaner to the eye. The RAV4 EV is sprinkled with LED running lights, tail and headlights that mix technology and luxury.
The green push button start brings the RAV4 EV to life with a soft tune and warm glow. Like most modern day electrics, it’s a breeze to drive at a level that is still somewhat surprising; it will take a while for the public to grow accustomed to silence on the road. Set off in Normal mode to maximize efficiency, or Sport mode to take advantage of all the instant torque under your right foot.
A lithium-ion battery system with 129 kW powers the AC induction motor, which boasts 154 horsepower and 218 lb.-ft of torque (273 in Sport mode). A 0.30 drag coefficient – downright amazing for an SUV – helps the RAV4 EV achieve an estimated 78/74 eMPG with a 103-mile electric range. But how does it drive? With a welcoming battery whine, off you go.
In motion, the 2013 Toyota RAV4 EV moves quickly and directly. Reporters talk about the way that electric cars “dart” and “zip” all the time, but you don’t much expect that from a five-seater SUV.
And yet, the steering is direct and light – the RAV4 EV reacts instantly to your commands and feels confident on its feet. There is none of the uneasiness of past electrics, and none of the clumsiness of a typical SUV. It feels light – not the steering, the actual car. In fact, the RAV4 EV tips the scales at 4,032 lbs., about 100 lbs. lighter than the standard RAV4, which is astounding considering the li-ion batteries alone weigh 845.5 lbs.
Engineers skewed the system by using the heavy batteries to give the RAV4 EV a low center of gravity, which accounts for its impressive balance. They didn’t save weight everywhere, though – the hood is pretty heavy, bolstered to protect the batteries in case of low speed collisions.
With a new Sport mode and clever weight distribution, the 2013 Toyota RAV4 EV not only deals with the reality of driving an electric car, it uses it to its advantage. If you want more style and range, spring for the Tesla Model S. If you want the most efficiency, check out the Honda Fit EV.
But if you need utility and still like to have fun, the RAV4 EV is an electric that isn’t just good for its owner – it’s good for the future of the EV industry.
Visit theautoMedia.comToyota Research Centerfor quick access to reviews, pricing, photos, mpg and more. Make sure to followautoMedia.comonTwitterandFacebook.
Find local Toyota RAV4 EV Clearance Pricing and Blue Book Values7fa2fa6d-0cae-473e-92a6-d0ec76b4f9d1|6|3.0
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Mitsubishi Motor Company recently disclosed details about the highly anticipated 2014 Outlander plug-in hybrid, scheduled to be released in Japan on January 24th. According to Mitsubishi, the Outlander PHEV is its “most important vehicle sold in decades.” This is a particularly bold claim coming from the car company who just last year released the i-MiEV (review here), a well-received all-electric vehicle.
The base price is ¥3,324,000 and its highest‐level factory model goes for about ¥4,297,000, approximately $38,972 to $50,380 U.S. at the current exchange rate. In Japan, the crossover qualifies for the “eco‐car” government incentives, which slashes about $5,000 off its cost, making the Outlander’s starting price as low as $33,471.
While the Outlander PHEV is an interesting, eco crossover entry, it should not be expecting an open season in the U.S. market. Probable competitors include the current Toyota Rav4 EV (review here) and the soon to be released Tesla Model X. However, these cars are both electric vehicles, making them only suitable for short trips. Tesla is attempting to overcome these shortcomings, claiming that its nationwide “supercharger network” will be finished sometime in late 2014. Considering Tesla’s reputation for sticker shock, the Model X is unlikely to be vying for Mitsubishi’s more modest market.
The Outlander PHEV is powered by Mitsubishi’s Plug-in Hybrid EV System, a multi-mode drivetrain, which combines two independent electric motors, a 12kWH lithium–ion battery pack, and a 2.0L four-cylinder MIVEC gas-powered engine. The gas engine is rated at 117 hp and 137 lb.-ft of torque. This “motor à trois” gives the Outlander PHEV an estimated 37 mile range on electric only, hybrid mpg of 44, and a combined fuel efficiency of 175 mpg.
Mitsubishi added that quick-charging will be an available option. This feature allows the Outlander PHEV to charge the battery up to 80 percent in 30 minutes, undoubtedly a useful element when charging the crossover away from home. Also available is a plug‐in system that allows the vehicle to power other sources at 100 volts AC and up to 1,500 watts.
The Outlander PHEV will come in five trim levels. Four “G levels,” which include the barebones G, the G Safety Package featuring the “e-Assist” advanced safety technology system, the G Navi Package with an on-board navigation system, and the G Premium Package, which boasts a Rockford Fosgate Premium Sound System and leather-upholstered seats. The fifth trim level is the prestigious E, which is made-to‐order to the customer’s specifications.
Design wise, the 2014 Outlander was given a moderate facelift. The headlights have been narrowed and swept back further. The front has been squared off, giving the crossover a more robust, yet streamlined appearance. It is unknown whether or not this Japanese market design (as well as its price tag) will carry over to its later international release.
Visit theautoMedia.comMitsubishi Research Centerfor quick access to reviews, pricing, photos, mpg and more. Make sure to followautoMedia.comonTwitterandFacebook.
In July of this year, we brought you news that Silicon Valley electric vehicle start-up Tesla and Japanese automotive powerhouse Toyota had inked a deal to build electric Toyota RAV4s and today we have more details about the partnership.
In a filing with the Securities and Exchange Commission, Tesla has revealed more details about the nature of its partnership with Toyota. Under the terms of the agreement, Tesla will develop a battery, motor, gearbox, “power electronics module” and all the necessary software for an all-electric version of Toyota’s RAV4 compact SUV.
For their services, Tesla will be paid by Toyota some $60 million over the term of the agreement. Both parties will agree on the final specifications, payment amounts and schedule and the expected results and their schedule within the next 60 days. Toyota announced when the project began in July that the RAV4 EV would reach the market in 2012.
That sum comes in addition to the stake Toyota has already acquired in Tesla. Prior to the initial deal in announced in July, Toyota had agreed to buy $50 million of Tesla’s common stock in a private placement transaction that took effect when Tesla filed its Initial Public Offering, which netted the EV-maker $226 million. Depending on the amount of preferred and common stock offered, Toyota may own up to 22-percent of Tesla now, though the companies have not disclosed the exact ownership arrangement.
As part of the deal, Toyota also sold a portion of its shuttered NUMMI factory in Fremont, California, where the two companies will produce the RAV4 EV together. Tesla also plans to use the plant to produce its upcoming Model S electric sedan.
By Scott Evans