Tesla pulling plug on Toyota RAV4 EV battery deal

Tesla pulling plug on Toyota RAV4 EV battery deal

May 13, 2014 by · Leave a Comment 

Filed under: Plants/Manufacturing , Crossover , Toyota , Earnings/Financials , Tesla , Electric The future of the Toyota RAV4 EV appears to be in doubt. Tesla supplies the EVs battery packs, and it says that production ends later this year. ” Toyota is expected to end the current RAV4 EV model this year,” Tesla said in its quarterly financial filing obtained by Bloomberg . “Our production activities under this program are expected to end in 2014,” the company said. This timeline fits closely with the original production plans for the RAV4 EV. When the $100-million project was first announced, Tesla said that it expected to supply battery packs for the vehicle from 2012 to 2014 . Building components for the Japanese automaker continues to bring in money, though. In the company’s Q1 2014 letter to shareholders , it said: “Automotive revenue included $15 million of Toyota powertrain sales.” According to Bloomberg , Toyota has sold just 1,594 RAV4 EV models from 2012 through April 2014. Initially, the business had estimated that it would sell 2,600 units of the electrified crossover . Toyota has not officially said that it plans to end production of the RAV4 EV yet.

Tweeter button Facebook button Youtube button