Publish date:

Tesla Buys Nummi Assets

Tesla said it will spend $15 million on equipment and spare parts at the Fremont Nummi plant.

PALO ALTO, California (


) --

Tesla Motors

(TSLA) - Get Tesla Inc Report

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

In May,


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.

TheStreet Recommends

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


(TM) - Get Toyota Motor Corp. Sponsored ADR Report


Motors Liquidation Co.


, which owns select assets of the former General Motors.


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.