Thread: Tesla expects to buy shuttered CA. auto plant for $42M

Tesla expects to buy shuttered auto plant for $42M

By The Associated Press
Thursday, May 27, 2010 at 11:35 a.m.

PALO ALTO, Calif. — Tesla Motors Inc. says it expects to pay about $42 million for a shuttered San Francisco Bay area factory where the company plans to team with Toyota Motors Corp. to build electric cars.

Tesla reported the anticipated price tag Thursday in a filing with the Securities and Exchange Commission.

Toyota closed down its operations last month at the New United Motor Manufacturing Inc. plant in Fremont, where it had established a joint venture with General Motors Corp. in 1984.

The Toyota-Tesla partnership announced last week stunned the auto world and brought hope to thousands of autoworkers who lost their jobs with the closure of the plant, known as Nummi.

Tesla plans to use the factory to build its Model S, an electric sedan scheduled to go on sale in 2012.

http://www.signonsandiego.com/news/2010 ... t-for-42m/

Before GM pulled out of the NUMMI joint venture Toyota had hoped to use the plant to assemble hybrids from Japanese parts which would have been labeled here as GM.