Tesla and Toyota have joined strengths in order to start the development of an electric version of the RAV4. Today the brands announced the signing of the agreement which confirms the project announced in May of this year by Elon Musk and Akio Toyoda.

The two companies intend to have the electric vehicle available on the US market in 2012. The prototypes will be a combination of the Toyota RAV4 model with a Tesla electric powertrain. With Tesla planning to deliver a fleet of prototypes to Toyota for evaluation until the end of this year, the first prototype has already been built and is being tested.

Tesla and Toyota had aready announced in May their intentions to cooperate on the development of electric vehicles, parts, and production system and engineering support. While Tesla will benefit from Toyota’s engineering, manufacturing, and production expertise, Toyota will be aiming to learn from Tesla’s EV technology, daring spirit, quick decision-making, and flexibility.

Since its foundation in 1937, Toyota has been operating under the motto “contributing to society through the manufacture of automobiles.” As for electric technology, Toyota introduced the first-generation Prius hybrid vehicle in 1997 and is aiming to introduce EVs into the market by 2012.

California-based Tesla is currently the only automaker in the U.S. that builds and sells highway-capable EVs in serial production. Its aim is to produce increasingly affordable electric cars for mainstream. The company designs and manufactures EVs and EV powertrain components.