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Tesla Buys Nummi Assets

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

PALO ALTO, California (

TheStreet

) --

Tesla Motors

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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.

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

Toyota

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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.