Tesla Motors Inc. and Toyota Motor Corp. have announced an agreement to jointly develop an electric version of the RAV4 compact SUV with a planned market date of 2012.

Tesla has produced a prototype of the vehicle, which is currently undergoing tests. Additional development models will be produced later this year.

In May Toyota CEO Akio Toyoda and Tesla CEO Elon Musk announced a partnership that saw Toyota purchasing a $50 million share in the electric car company as well as selling Tesla an assembly plant in Fremont, California.

On July 10, Tesla announced that it would be making two prototypes for Toyota, but the model line was not disclosed. Toyota has plans to test an electric version of the Corolla, but the RAV4 could be a better fit for the battery pack used by Tesla, according to reports by Bloomberg.

There is also a potential for the development of an electric Lexus RX luxury SUV, but no dates were given for the appearance of such a product.

In the joint press release, Toyota cited its philosophy of "contributing to society through the manufacture of automobiles," while Tesla said its goal was "to produce increasingly affordable electric cars for mainstream buyers -- relentlessly driving down the cost of EVs."