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Tesla to End Battery Supply Deal with Toyota
Tesla Motors Inc. says its arrangement to supply batteries and drive motors for Toyota Motor Corp.'s electric RAV4 crossover will expire this year.
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Tesla Motors Inc. says its arrangement to supply batteries and drive motors for Toyota Motor Corp.'s electric RAV4 crossover will expire this year. Toyota owns 2.4% of Tesla.
The original agreement began two years ago was intended to supply enough powertrains for 2,600 RAV4 EVs over three years. Tesla said at the time the deal would be worth about $100 million.
In a regulatory filing, the California-based maker of the Model S electric sedan says Toyota plans to phase out the electric RAV4 model this year. Toyota tells Bloomberg News it has made no such announcement and declines to comment on its relationship with Tesla.
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