“More often than not, innovation is born from destruction. That’s why it’s all too fitting that Tesla’s facility in California was once the site of a now-defunct joint venture between two traditional automotive powerhouses. General Motors and Toyota. In Early 2010, Tesla purchased the 5 million-square-foot facility for $42 million. Tesla took advantage of the soft economy, buying one of the biggest auto factories in the country for just pennies on the dollar (the factory is valued at approximately $1 billion). And that’s not the end of it. After the purchase of the factory itself, Tesla scooped up the usable NUMMI assembly equipment at fire-sale prices.”
http://dailyreckoning.com/transforming-the-future-of-the-automotive-industry/
