Earlier this year, after joining forces with Toyota, Tesla Motors announced that it has purchased the former NUMMI factory in Fremont, California, where it will build the Model S sedan and future Tesla vehicles. Tesla agreed to buy the plant for a total of $42 million.
To date, Tesla Motors has paid NUMMI an initial deposit of $4.6 million.
Toyota said last week that it will pay $15 million to buy equipment and parts at the former NUMMI plant. In a filing with the SEC on Thursday, Tesla said it had also agreed to the additional purchase which will go hand-in-hand with the closing of the factory and the land purchase.
Tesla Motors CEO Elon Musk said earlier this year that “hiring former NUMMI workers is a priority” for the company.
– By: Stephen Calogera
Source: The Street