News

Tesla Purchases $15 Million of Assets From NUMMI Plant

Some parts left over from the NUMMI venture between Toyota and General Motors will soon be used by Tesla.

The electric vehicle company just bought $15 million worth of assets from the NUMMI plant in Fremont, California.

This follows Tesla’s agreement to purchase the plant for about $42 million. In July, Tesla and Toyota announced an electric version of the 2012 Toyota RAV4 SUV would be produced.

It’s possible the purchase of this equipment will help Tesla meet its deadlines for the Model S five-door. The car, according to Tesla, will head from 0-60 mph in 5.6 seconds and last 300 miles to a charge.

Shares of Tesla’s stock, which opened at $17 a share, closed at $19.10 on August 20.

Source: The Street, Tesla

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