Posted on 05/20/2010 6:02:02 PM PDT by NormsRevenge
In a deal expected to create hundreds of jobs, Tesla Motors announced today that it is teaming up with Toyota to build its all-electric Model S sedan at the recently shuttered NUMMI plant in Fremont.
Under the agreement, Toyota will invest $50 million in Tesla, which will acquire the NUMMI plant and begin production of Teslas's Model S sedan in 2012. The deal is expected to create more than 1,000 new jobs
The joint venture was unveiled by Tesla's CEO Elon Musk at a 5 p.m. news conference with Gov. Arnold Schwarzenegger, who has been eager to highlight job creation. The news was hailed by Sen. Dianne Feinstein, D-Calif.
"I congratulate Tesla and Toyota today," she said in a prepared statement. "This partnership is unique, innovative, and entirely practical....As one who has followed NUMMI since its inception, I was very dismayed and disheartened by its closure in April. I celebrate the new life of opportunity which is inherent in this new venture."
Some industry analysts also endorsed the announcement.
(Excerpt) Read more at mercurynews.com ...
Correct, my understanding is Tesla is purchasing the production site from NUMMI. The site will then be re-branded as Tesla.
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