Tesla Buys Nummi Assets

Tesla said it will spend $15 million on equipment and spare parts at the Fremont Nummi plant.
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PALO ALTO, California (

TheStreet

) --

Tesla Motors

(TSLA) - Get Report

said it will pay $15 million to buy equipment and parts at the former NUMMI plant in Fremont, California.

In May,

Tesla

agreed to buy the plant for about $42 million. In a filing Thursday with the SEC, Tesla said it had also agreed to the additional purchase, which will be completed concurrently with the closing of the facility and the land purchase.

To date, Tesla has paid NUMMI an initial deposit of approximately $4.6 million. NUMMI is a joint venture between

Toyota

(TM) - Get Report

and

Motors Liquidation Co.

(MTLQQ)

, which owns select assets of the former General Motors.

Tesla

went public in June at $17 a share, raising $226 million. Shares closed Thursday at $18.79. During the second quarter, the automaker lost $38.5 million on revenue of $28.4 million.

In late-morning trading Friday, Tesla stock was up 0.32% to $18.85.

-- Written by Ted Reed in Charlotte, N.C.