With its recent Initial Public Offering (IPO), Tesla Motors has made a strong entry into the realm of publicly traded auto manufacturers. To ensure their long term viability, they recently announced a partnership with Toyota Motors to produce an electric version of the Japanese car maker’s Rav4. In fact, CNN reports that Toyota’s agreement with the company depended on “the completion of the electric car maker’s initial public offering, which took place on June 29.”

This is not the first foray in to electric versions of the Rav4. According to CNN, Toyota produced an electric Rav4 in the 1990s that was part of California’s state requirement for automakers to manufacture zero emission vehicles. Another part of Toyota’s past will be resurrected as part of the deal. MSNBC reports that Telsa will take over the New United Motor Manufacturing Inc. factory, known as Nummi, in Fremont, California. Nummi, a joint venture between General Motors and Toyota, shut down when GM filed for bankruptcy protection.

According to Bloomberg News, Toyota “aims to test an electric Corolla compact car, [although] the RAV4 and RX light trucks are better suited to the weight of Tesla’s battery pack.” Bloomberg also reports “Toyota’s project with Tesla is separate from a previously announced electric car Toyota aims to sell by 2012.”

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