Tesla CEO Elon Musk talked about how he envisions making use of the full capacity of the former New United Motor Manufacturing Inc. plant acquired from Toyota at the first annual shareholders’ meeting since it went public last July. In addition, he discussed the production of a series of electric vehicles and the likelihood of building a chain of company-owned charging stations and battery-swap facilities. Musk also managed to discuss its progress with the former NUMMI plant during this meeting, which lasted one hour.
He said that Tesla recently completed installing a Schuler SMG hydraulic stamping press that Tesla got from "a company in Detroit" for $6 million. This installation cost $50 million and took eight months to complete. This includes the cost of shipping 70 trucks loaded with the tooling.
Musk described it as the “largest hydraulic stamping press in North America." The former NUMMI plant was valued at $1 billion before Tesla acquired it after paying $42 million. Musk described the plant as "an alien dreadnought." He said that Tesla’s long-term plans include using the plant's 500,000-unit annual capacity. In the nearer-term, Tesla wants to begin making production prototypes of the Model S sedan in the third quarter. The Model S can accelerate from zero to 60 mph in six seconds and it boasts of having a 300-mile range. This car’s retail launch is slated to take place in the middle of 2012.