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Tesla Motors Inc (TSLA) Hopes This Purchase Will Boost Growth

At this point, nobody should be surprised when Tesla Motors Inc (NASDAQ:TSLA) makes a big announcement (or something like this). The company is always looking towards the future under the guidance of its leader, CEO Elon Musk.

Elon MuskWhile some announcements are more exciting than others, it is important to pay attention to the ones that are going to benefit the company the most in the years to come.

This time around, we are going to take a closer look at the company’s purchase of a 35 acre lot of land next to its factory in Fremont, California.

As you can imagine, this is a big deal for a number of reasons. Above all else, it gives Tesla Motors Inc (NASDAQ:TSLA) more space to test its vehicles of the future. discussed the purchase in greater depth, adding the following information:

“The land was part of a parcel of more than 160 acres that had been owned by the New United Motor Manufacturing, Inc., the former joint venture factory built by General Motors and Toyota. When NUMMI closed, the land was bought by Union Pacific Railroad, which sold the lot to Tesla.”

As you can see, the land has been passed around quite a bit over the years. That being said, we can expect Tesla to hold onto it tightly as it will benefit the company moving forward.

At this point, Tesla Motors Inc (NASDAQ:TSLA) has not discussed the use of the land in greater detail but it goes without saying that the company has big plans for it. With Musk hoping to up production to 800 cars per week by the end of 2014, Tesla continues to move forward in the right direction.

Here is more from the piece:

“Two months ago, Tesla hired Chris Porritt to be the vice president of its vehicle engineering program. Tesla’s purchase last week of a 35-acre parcel abutting its factory in Fremont, California will give Porritt, formerly the boss of Aston Martin’s Vehicle Engineering team (he’s the father of the One-77 supercar), at least a portion of a test track where he can challenge and hone the EVs of the future.”

That should give you a glimpse inside what Tesla Motors Inc (NASDAQ:TSLA) is hoping to use the test track for moving forward.

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