Tesla Is Considering Buying A GM’s Plant To Boost Electric Car Production

According to an interview aired on CBS’s 60 minutes, Elon Musk, Tesla’s CEO and founder, showed an interest in purchasing a GM’s plant to boost Tesla’s electric car production. He said that if there was a plant that GM wanted to sell, Tesla would consider taking it over.

This is not the first time Elon Musk purchase a factory from GM. In 2010, Tesla bought an assembly line that belonged to GM and Toyota in Fremont, California. This happened not so long after it was closed. The transaction was worth $42 million.

Tesla is not short of choices when it comes to this plant-purchasing plan. In November, GM stated that it was shutting down three factories in North America. Elon Musk explained that Tesla’s aim is to promote the production of electric vehicles as a sustainable solution to save the environment.

In September, Elon Musk resigned as the Chairman of Tesla after three years holding the position. Taking over the place was Robyn Denholm. However, Musk is still Tesla’s largest investor and chief executive. He also paid out $20 million to settle securities fraud charges.

He showed no interest in returning to the chairman position and said that he preferred having “no titles at all”.

Tesla is having difficulty boosting the manufacturing of the Model 3 midsize sedan. To solve this problem, Tesla built another assembly line next to its plant in Fremont in a structure that resembles a tent. This step has been viewed as ridiculous by some other manufacturers.

According to Musk, the Model 3’s more affordable version would be out in five to six months. These electric cars are for the general masses. Since the announcement of this model in 2016, only the more expensive versions are introduced.

For this matter, Musk admitted that he was not a punctual person when it comes to deadlines.