Tesla Motors has officially signed a $60m contract with Toyota to develop an electric powertrain and components for a battery powered Rav4.
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According to the outline of the agreement, Tesla Motors will supply Toyota with battery, power electronics module, electric motor, gearbox and software for the popular crossover in the Rav4 EV.

While Tesla Motors earlier announced their intention to partner with Toyota for a Rav4 EV vehicle, Wednesday's announcement has sealed the deal.

Tesla's submission to the U.S Securities and Exchange Commission reads:

On October 6, 2010, Tesla Motors, Inc. ("Tesla") entered into a Phase 1 Contract Services Agreement (the "Agreement") with Toyota Motor Corporation ("TMC") for the development of a validated powertrain system, including a battery, power electronics module, motor, gearbox and associated software, which will be integrated into an electric vehicle version of the RAV4. Pursuant to the Agreement, based on preliminary specifications, TMC will pay Tesla approximately $60 million for the development services to be provided by Tesla. The parties will mutually agree to the final specifications, deliverables and payment amounts and schedule within 60 days of the execution of the Agreement. This amount will be paid in various installments during the term of the Agreement.

Some reports suggest a production version of the electric Rav4 could be complete as early as 2012, but other speculations suggest it could be as late as 2013.

Will the car make it to Australia once produced? An educated guess would suggest it's a strong possibility, considering Toyota's dedication to hybrid vehicles in Australia both through Toyota and Lexus.

An electric Rav4 would cement their line-up in Australia and probably win over mum and dad buyers after a green SUV that doesn't cost as much as a Lexus RX400h and doesn't sound like a tractor at idle.

CarAdvice will keep you posted as the situation between Tesla Motors and Toyota further develops.