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Tesla Motors (TSLA) and Toyota Motor Corporation (TM) announced a new agreement today to develop an electric version of Toyota's RAV4 sports utility vehicle (SUV). The joint statement sheds a little light on a memorandum of understanding signed by the two automakers last week, which did not specify exactly what kind of cars Tesla and Toyota would be collaborating on.According to a joint statement, Tesla and Toyota are looking to launch the electric RAV4 in the U.S. market by 2012. The eco-friendlier vehicle will combine the existing RAV4 model with an electric powertrain provided by Tesla. The first prototype has already been built, and testing is underway.
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