Tesla’s deal with Toyota to supply the automaker with battery packs and motors for the latter’s RAV4 EV will come to a close by the end of 2014 at the same time the electric crossover is expected to cease production.
Bloomberg reports Toyota announced in May of 2012 that it would purchase components from Tesla for 2,600 RAV4 EVs over three years with the possibility of extending the agreement. With word that the EV would cease production at the end of this year, however, Tesla announced in its quarterly filing — where it proclaimed that the deal netted $15 million for Q1 2014 — that related production would draw to a close, as well.
Meanwhile, Toyota spokesman John Hanson claims the EV hasn’t been cancelled, nor has his employer “made any announcement about the relationship or what [Toyota will] do with Tesla in the future.” To date, 1,594 of the $50,000 electric crossovers have left California showroom since 2012.
In the meantime, Toyota will introduce in 2015 a hydrogen fuel sedan based upon the FCV Concept introduced in late 2013, while Tesla — in addition to its own product plans — will boost component production for Daimler AG, who, like Toyota, is an investor in the EV automaker.