Tesla paying $42m for closed Toyota site to make EVs
Tesla Motors Inc., a California startup maker of electric cars, said it expects to pay about $42 million for a former Toyota Motor Corp. joint-venture factory where it aims to build battery-powered models.
Tesla is buying 55 percent of the land and manufacturing facilities at the recently closed New United Motor Manufacturing Inc. factory in Fremont, California, the Palo Alto, California- based company said in a filing. The plant, known as Nummi, was shared by Toyota and the former General Motors Corp. for 25 years before closing in April.
Toyota, the world's largest automaker, said May 20 it planned to invest $50 million in Tesla, maker of the $109,000 electric Roadster. The companies said they're forming a partnership that includes development of electric cars and parts.
The purchase price for the Nummi site excludes assembly equipment, Tesla said in the filing. The company expects the sale to close "within a few months."
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