Tesla Says Battery-Supply Deal for Toyota RAV4 EV to End
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Tesla Motors Inc., the electric-car maker planning to build the world’s largest battery plant, said its deal to supply Toyota Motor Corp. with battery packs and motors for a rechargeable crossover will conclude this year.
Toyota, which owns a 2.4 percent stake in Palo Alto, California-based Tesla, said in May 2012 it would buy the company’s components for 2,600 electric RAV4 EVs over three years. Elon Musk, Tesla’s chief executive officer, had said he expected Toyota to extend the agreement that was initially worth as much as $100 million, based on a July 2011 filing.