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Old 06-02-2010, 08:09 AM   #1 (permalink)
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Article: Tesla Discloses Terms for Toyota Investment and Purchase of Former NUMMI Pla

"Tesla Discloses Terms for Toyota Investment and Purchase of Former NUMMI Plant" Green Car Advisor

Edmunds reports the terms of the Toyota investment/purchase of the NUMMI plant by Tesla:

Originally Posted by Edmunds
Tesla Motors says in a regulatory filling this week that it has agreed to pay Toyota Motor Corp. $42 million from the proceeds of its upcoming public offering for the former New United Motors Manufacturing plant and 207 acres of property.

The acquisition doesn't include the plant's auto-making equipment or an additional 200 acres of property at the site...in Fremont, Calif.
The plant equipment is to be sold at auction by Toyota and Tesla will be able to bid on items it wants.

The Northern California-based electric-vehicle maker also reiterated in its Securities and Exchange Commission filing that terms of the Toyota-Tesla technology sharing agreement that shook the industry when announced last week are still being worked out and that the companies do not have a binding agreement to work together.

Do or Die

Further, the filing shows that Toyota's agreement to invest $50 million in Tesla is contingent on Tesla going public by the end of the year. If economic conditions or other events prevent Tesla from launching its initial offering by Dec. 31, the capital investment deal is subject to renegotiation.
Those terms have touched off a bit of worry in some quarters that the Toyota-Tesla deal is shakier than first imagined.

But the cautious language [is] typical of SEC filings, which usually are couched in worst-event terminology so that companies can't be accused by the commission of falsely inflating their value prior to a stock offering.

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