Tesla May Buy GM Plant to Boost Production, CEO Elon Musk Says

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Tesla May Buy GM Plant to Boost Production, CEO Elon Musk Says
Highlights
  • General Motors Co. will idle the factories next year
  • GM has been taking political heat for cutting workers
  • GM said it will lay off 14,700 workers

Tesla Chief Executive Officer Elon Musk told CBS's "60 Minutes" that he may be willing to buy some of the five factories General Motors Co. will idle next year, making him the second rival in two days to step up with possible job-creating moves as GM takes political heat for cutting workers.

Musk made the statements in an interview with Leslie Stahl that will air Sunday. CBS released excerpts Friday.

GM CEO Mary Barra was in Washington the past two days meeting with members of Congress about her plans to close five factories in North America and lay off 14,700 workers. She is under pressure to keep some of those facilities opened.

While Barra was speaking with legislators on Thursday, Fiat Chrysler Automobiles NV said it will reopen one of its idle engine plant in Detroit and build a new Jeep, intensifying the irritation in Congress over GM's plan to cut jobs.

Tesla makes the all-electric Model S, Model X, and Model 3 at its sole auto plant in California, which it bought from a joint venture operated by GM and Toyota Motor Corp.

© 2018 Bloomberg LP

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