Tesla should buy one of those GM factories after they shut down

If GM goes through with its recently announced restructuring that would see several North America plants shut down, Tesla CEO Elon Musk says that they would consider buying some of those shuttered factories. Please read what Elon Musk had to say in 60 minutes aired on CBS… Back in 2010, Tesla bought NUMMI, a car factory jointly owned by General Motors and Toyota in Fremont California, for just $42 million shortly after it was shut down.

The company gradually built the workforce back, including many former NUMMI workers, and now 8 years later, Tesla Fremont employs more employees than the original factory and it produces electric vehicles at a current rate of over 300,000 units per year.

The move to acquire the existing plant instead of building something from scratch is believed to be an important part of Tesla’s early success.

Tesla would consider buying the factories that General Motors intends to idle, CEO Elon Musk said in an interview that aired on CBS’ “60 Minutes.”

“It’s possible that we would be interested. If they were going to sell a plant or not use it that we would take it over,” he said.

In a wide-ranging interview with Lesley Stahl, Musk made no apologies for his erratic behavior over the summer and reiterated his lack of respect for the Securities and Exchange Commission, which sued him in September for allegedly defrauding investors after tweeting that he wanted to take the company public at $420 a share and had “funding secured.” He didn’t and pulled back on those plans a few weeks later.

“Nobody’s perfect,” he said.

Musk acknowledged that he was “somewhat impulsive,” adding that he “didn’t really want to try to adhere to some CEO template.” He stoked controversy all summer with his erratic behavior, taunting the SEC, calling a diver in the Thai cave rescue a “pedo” and capping the summer by appearing to smoke pot on the Joe Rogan podcast.

“I’m just being me. I mean, I was certainly under insane stress and crazy, crazy hours. But the system would have failed if I was truly erratic,” Musk said.

The SEC forced Musk to step down as chairman of the board for three years. The company named Robyn Denholm, who was already on the board, as chairwoman.

“I want to be clear: I do not respect the SEC,” Musk said. “I do not respect them.” But he said he was adhering to the agreement because he respects the U.S. justice system.

He scoffed at the idea that Denholm was put in place to keep him in line. “Yeah. It, it’s not realistic in the sense that I am the largest shareholder in the company. And I can just call for a shareholder vote and get anything done that I want,” Musk said.

He said he does not want to return to the role of chairman. “I actually just prefer to have no titles at all.”

Tesla has struggled to ramp up production of its much hyped Model 3 midsize sedan. The company resorted to building a second assembly line inside a tent-like structure next to its main assembly plant in Fremont, California. The decision, like many Tesla has made, was ridiculed by some in the industry.

The last-minute push increased production by 50 percent, Musk told CBS.

“Those betting against the company were right by all conventional standards that we would fail,” he said, “but they just did not count on this unconventional situation of creating a second assembly in the parking lot in a tent.”

Musk said the long-awaited $35,000 version of the Model 3 will “probably” be available in five to six months. That is the price of the vehicle Tesla originally promised would be an electric sedan for the masses when it was first unveiled in March 2016. Since then, however, Tesla has only made higher-priced versions of the car.

Musk admitted he is notorious for missing deadlines.

“Well, I mean punctuality’s not my strong suit. I think, uh well, why would people think that if I’ve been late on all the other models, that’d I’d be suddenly on time with this one,” he said.