Tesla to make electric vehicles with Toyota @ NUMMI
PALO ALTO, Calif. -- Toyota Motor Corp. and Tesla Motors Inc. will team to produce electric vehicles at New United Motor Manufacturing Inc. in Fremont, Calif., a plant that Toyota last year ruled too inefficient to keep open.
Tesla will acquire the now-closed NUMMI property and employ 1,000 people building unspecified electric vehicles in a partnership with the world's largest automaker, the companies announced Thursday.
Toyota will invest $50 million in the small California-based electric sports maker in exchange for Tesla's common stock when the EV company completes its planned initial public offering.
In addition to the NUMMI purchase, the venture will spur a product-development relationship between the automakers.
So Tesla, fresh from gathering $465m government loan , now becomes Toyota's prototype factory, and Toyota pays only $50m for a stake???????????????????
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It was a bad deal for the City of Downey CA.
The city had a handshake/verbal deal with Tesla that it was going to take over the old North American facility (where the Apollo capsuls and parts of the Shuttle were built) and use it to make Teslas. It was said that might make for as many as 6000 jobs.
Downey was offering 25 million in tax incentives.
The City found out the night before Tesla made the announcement it was going to NUMMI that Toyota got the deal, instead. Clearly 25 million more talked big.
It will be interesting to see where Tesla is in five years.
I was rooting for them. Now.....................not so much. As far as I'm concerned, they are now a foreign owned domestic - no different than Chrysler.
Originally Posted by Hib Halverson
Not to worry those cars will lose their lustre after the first couple of years.
Once the hollyweird crowd, and the first on the blockers get one sales have to be slow.
So Tesla blew off a $25 million “Tax Incentive” for a $50 million cash infusion, and they can make due with 1000 employees in Nummi when it was gonna take “as many as 6000” in Downey………
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