Tesla has acquired parts of the German-based automation engineering firm Manz after it filed for bankruptcy.
A Manz statement explained that under the terms of the deal, Tesla will now take on the company's 300 employees. The agreement is signed explicitly with Tesla Automation, a subsidiary of the leading company.
Tesla Automation specializes in constructing special-purpose machines at its three German locations, which are likely to expand thanks to the acquisition of Manz.
According to Manz's website, the company developed "best-in-class production solutions for lithium-ion batteries and electronic components and devices for its customers in the automotive and e-mobility, electronics, energy, and battery manufacturing sectors."
Taking on Manz's equipment and assets is a crucial boost for Tesla, allowing the company to improve its electric vehicle production and solidify its presence in Germany and Europe as a whole, which could lead to cheaper EVs for customers. Meanwhile, more market competition could lead to a competitive price war between brands that could see prices slashed.
"We are gaining qualified employees with a high level of expertise in high-tech mechanical engineering," said Lothar Thommes, managing director at Tesla Automation, in an official statement.
"The Reutlingen site is an ideal complement to the continued successful implementation of our global automation projects in the Tesla Group. We are very pleased to be realizing future innovations there."
The deal may yet prove costly for Tesla, which is experiencing significant losses in Germany. According to Yahoo, citing data from the German Federal Motor Transport Authority, the company saw a 76% reduction in registrations in February despite a 31% overall jump in EV registrations.
The outlet suggested that Tesla CEO Elon Musk's endorsement of the far-right Alternative for Germany party in the run-up to the country's February election is behind customers turning away from the brand.Â
|
Do you think EVs are more stylish than gas cars? Click your choice to see results and speak your mind. |
Definitely 💅 Still, thanks to Germany's location in Europe, improved production could open the company up to better sales in other parts of the continent.
TCD Picks » Upway Spotlight
💡Upway makes it easy to find discounts of up to 60% on premium e-bike brands
Regardless of brand, more electric vehicles on the road are good news for the environment. Vehicles that burn dirty fuels like petroleum and diesel produce planet-warming gases that trap heat in the atmosphere and raise global temperatures. On the other hand, EVs don't have a tailpipe, meaning they don't release toxic gases and don't reduce air quality.Â
EV drivers also directly benefit from the technology, too. Refueling with electricity is much cheaper than filling a tank, and maintenance costs much less because the machines have fewer moving parts that can break or fail.
Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the planet.
Cool Picks
