Tesla Signs $60 Million Contract With Toyota

thecarchik writes "Tesla Motors announced that it has reached a $60 million deal with Toyota to develop the powertrain for an electric version of the strong-selling Rav4 sport utility vehicle. A prototype RAV4 Electric will be unveiled by Toyota at November's Los Angeles Auto Show. The company plans to sell the electric RAV4 starting in 2012, the same year that a number of new electric cars will join the 2011 Nissan Leaf and 2011 Chevrolet Volt in the US market."