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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

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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.

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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)

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Musk-run Tesla Hits $100-bn Market Value for the First Time

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth

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Elon Musk, a technology entrepreneur. Pixabay

Signalling an all-electric future is coming our way, Elon Musk-run Tesla has hit the $100 billion in stock market valuation for the first time.

Tesla shares were last up 1.4 per cent at $555 after trading was closed on Tuesday, reports CNBC.

The milestone came less than a month after Tesla’s stock crossed $420 — a price Musk tweeted last year which put him in much trouble.

The $100 billion valuation must stay for both one-month and six-month average in order to help Musk get first of 12 tranches of $346 million in a record-breaking pay package.

Tesla is currently valued more than Ford Motor and General Motors combined.

Tesla logo
A Tesla logo is seen in Los Angeles, California. VOA

Musk lost his position as Tesla Chairman after posting a notorious tweet in August last year that he was “considering taking Tesla private at $420. Funding secured”.

The US Securities and Exchange Commission (SEC) sued Musk over the tweet, saying he misled investors by claiming falsely he had lined up funding for the take-private transaction.

Musk reached a settlement with the SEC, agreeing to give up his role as Tesla Chairman and pay a $20 million fine.

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Tesla surprised Wall Street in October by registering a profitable third quarter with a total revenue of $6.3 billion riding on sales of its Model S, Model X and Model 3 electric cars.

In the third quarter, automotive revenues were $5.35 billion. Tesla said it expected to deliver between 360,000 and 400,000 vehicles this year, representing 45-65 per cent growth. (IANS)