On September 24, the new all-electric vehicle from Toyota (NYSE: TM), the 2012 RAV4 EV, will roll out of certain California dealerships. Tesla Motors (NASDAQ: TSLA) has been working with Toyota on developing the new SUV.
The new RAV4 is the only all-electric SUV offering on the market at present. It’ll cost you $49,800, but you get $2,500 in tax credits from the state of California and $7,500 on top of that in Federal tax credits.
The car is certified by EPA for 103 miles on purely electric power (78 mpg equivalent) and can be fully charged in 5-7 hours. The newly designed battery and electric powertrain were developed and supplied by Tesla. Toyota claims the new RAV4 will equal or exceed the performance of its non-electric variant across the board, and it should reach 60 mph in 7 seconds in Sport mode.
The RAV4 EV’s 115-kilowatt electric motor delivers 154 horsepower. It features Standard or Extended charging modes to replenish its 50-kWh battery. Standard mode and a common 120v outlet would require 44 hours to fully charge the car, but a 40-amp, 240v source can do the job in 5-6 hours. Toyota has paired up with Leviton to facilitate home charger installation
A second electric vehicle from Toyota coming out this year is the Scion IQ EV, but it will be marketed solely to fleet and car share programs. Meanwhile, Toyota is offering a special deal whereby you can lease the RAV4 EV for $599 per month for a 36-month term with a mere $3,499 down.