Tesla and Toyota to build electric cars at NUMMI plant
The closure of the NUMMI plant in Fremont, California six weeks ago was just another downfall to California’s struggling economy and double digit unemployment rate. Late Thursday, Tesla Motors announced that it is teaming up with Toyota to build its all-electric Model S sedan at the recently shuttered NUMMI plant in Fremont, creating more than 1,000 new jobs.
Under the agreement, Toyota, the world’s largest automaker, will invest $50 million in Tesla, which will buy the NUMMI plant for an undisclosed sum. The joint venture was unveiled by Akio Toyoda, Toyota’s CEO, who flew in from Japan for the announcement, Tesla CEO Elon Musk and Gov. Arnold Schwarzenegger at a heavily attended 5 p.m. news conference at Tesla’s Palo Alto headquarters.