Tesla Lands Deal with Toyota, Will Build Model S Fremont, California Plant
Tesla CEO Elon Musk confirmed today that it will pass on the opportunity to build their new sedan, the Model S, in Southern California. Rather, they have chosen to purchase the former NUMMI factory in Fremont, California. Bigger news still is that they have also announced a new partnership with Toyota Motors in the collaboration of electric vehicles, parts, and production. Following this agreement, Toyota has purchased $50 million of Teslas common stock. Impressive.
In the short term, Tesla is purchasing the former NUMMI factory in Fremont, California in order to build the Model S sedan and other “future Tesla vehicles,” which should employ around 1,000 workers now to produce around 20,000 cars per year. For those unaware, the NUMMI facility was recently vacated, leaving 4,500 Toyota employees holding pink slips and ginormous frowns; Tesla CEO Elon Musk did confirm, however, that some of those have already been rehired.
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