Much has been made of the partnership between Tesla Motors (TSLA) and Toyota (TM) to develop the RAV4 all electric SUV, but little has been announced to make the partnership official.  This morning it’s official with news that the companies have signed a $60 million Phase I contract services agreement which has Tesla developing a powertrain system, including a battery, power electronics module, motor, gearbox and associated software.  The payment will be made over time as the development progresses.

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Shares of TSLA have been stuck in a range for several month now, but continue to hold up above the 50 day moving average.  Perhaps this news will be the catalyst for a rally out of the range.