DETROIT (Bloomberg) -- Tesla Motors Inc., the electric-car maker that just went public with its stock, and Toyota Motor Corp. said they have signed an agreement to start developing an electric version of the RAV4 compact sport-utility vehicle to go on sale in 2012.
Tesla has produced a prototype that is undergoing testing and plans to deliver more this year, the companies said in a statement.
CEO Akio Toyoda of Toyota and Elon Musk of Tesla had announced in May the partnership that includes Toyota buying a $50 million stake in the electric-car company and selling it an assembly plant in Fremont, Calif.
Tesla said July 10 that it will deliver two prototype vehicles to Toyota, the world’s largest automaker, without identifying the models. While Toyota also aims to test an electric Corolla compact sedan, the RAV4 is better suited to the weight of Tesla’s battery pack, a person familiar with the matter said last week.
The companies may also develop an electric Lexus RX luxury SUV, said the person, who asked not to be identified because the vehicles hadn’t been announced yet.
