Sunday August 25, 2019
Home Lead Story Elon Musk May...

Elon Musk May Buy GM Plant to Increase Tesla Production

Elon Musk, who was the Chairman of Tesla for three years, stepped down in September

0
//
tesla
Musk may buy GM plant to boost Tesla production. (VOA)

Tesla founder and CEO Elon Musk has shown interest in buying a defunct General Motors (GM) plant to increase production of its electric cars.

In an interview with CBS News’ “60 Minutes” on Friday, Musk said “it’s possible” he would purchase a GM factory in North America if the company is “going to sell a plant or not use it”.

“It’s possible that we would be interested if (GM) are going to sell a plant or not use it that we would take it over,” Musk said.

According to Washington Examiner, Tesla bought a plant in Fremont, California in 2010, jointly owned by General Motors and Toyota, for $42 million shortly after it was shut down.

GM announced in November they are closing three assembly factories in North America.

Elon Musk, tesla
Tesla CEO, Elon Musk. (Wikimedia Commons)

“The whole point of Tesla is to accelerate the advent of electric vehicles sustainable transport and trying to help the environment. It’s the most serious problem that humanity faces,” Musk said.

Elon Musk, who was the Chairman of Tesla for three years, stepped down in September.

Also Read- Italian Regulators Fine Facebook 10 mn Euros

He paid a $20 million fine in a deal with the stock market regulatory authority, Securities and Exchange Commission (SEC) to resolve securities fraud charges.

Robyn Denholm from Telstra has been appointed as the Chairwoman of the Tesla Board. Musk, however, remains Tesla’s chief executive and the biggest investor. (IANS)

Next Story

Top Investor of Tesla Wants Elon Musk to Step Down as CEO

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement

0
tesla
Visitors inspect Tesla electric cars at Brussels Motor Show, Belgium, Jan. 18, 2019. VOA

A top investor in the electric car maker Tesla has stressed that Elon Musk should step down as CEO as his irresponsible tweets can do the company more harm than good.

James Anderson from the UK-based investment management firm Ballie Gifford, which holds a 7.5 per cent stake in Tesla, told a German magazine that he “does not think Elon needs to be CEO”.

“His micro-management also includes the desire to speak to the stock market and the world in ways we do not necessarily consider helpful,” Anderson, who knows Musk personally, told Germany’s Manager magazine on Thursday.

His comments referred to Musk’s fondness for controversial midnight tweets that has already forced him to step down as Tesla Chairman.

Musk reached a settlement with the US Securities and Exchange Commission (SEC) over his controversial Twitter activities in April, agreeing to have more specific oversight on his tweets about the company.

Tesla CEO Elon musk, board
Tesla CEO Elon Musk. (VOA)

According to the settlement, all tweets from Musk about Tesla’s financial health, sales or delivery numbers would have to be pre-approved by a company lawyer.

The SEC sued Musk last year as well for making fraudulent statements after he tweeted in August 2018 that he had “funding secured” to take Tesla private at $420 per share.

Also Read: Google Disables 210 China-backed YouTube Channels

The parties later settled and Musk agreed to step down as Chairman and have the company’s lawyers pre-approve written communications, including tweets with material information about the company.

Earlier in February, the SEC again held Musk in contempt of court for allegedly violating a previous public disclosure settlement. (IANS)