Looks like Tesla is building more than mule vehicles for Toyota. As reported today by various outlets, the electric-vehicle manufacturer -- fresh off its initial public stock offering and with $50 million of Toyota's money in the bank thanks to the Japanese automaker's purchase of 3 percent of the company -- will collaborate with Toyota to produce an electric version of its RAV4 compact SUV. In fact, a prototype is already in the testing stages. Toyota is providing the body and other major components, while Tesla is providing the electric powertrain and battery system. The electric version is slated to go on sale in 2012. Toyota has produced a limited number of electric RAV4s in the past, but never on a commercial scale. Telsa is slated to deliver a fleet of prototype vehicles to the world's largest automaker later this year. The announcement has had an immediate financial impact on both companies' stocks, though not in the same way. According to the Los Angeles Times:
"News of the announcement pushed Tesla shares up 95 cents, or about 5 percent, to $20.84 in morning trading. Toyota shares fell $1.21, or about 2 percent, to $71.19."
This is the first major project announced by the two companies since word of Toyota's planned investment in Tesla was reported in late May.
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