10/2/2020, 5:09 PM (Source: TeleTrader)
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Tesla buys German battery manufacturer ATW

American electric carmaker Tesla has reportedly bought German mechanical engineer company ATW Assembly & Test - Europe GmbH. ATW is a company that designs batteries for BMW and Mercedes-Benz and Tesla said it intends to add that kind of company as a subsidiary as it wants to have its own battery cell manufacturing capacity.

German company magazine Wirtschaftskurier reported on Friday that Tesla bought ATW together with its 210 employees.

ATS, ATW’s parent company, said earlier that it plans to sell the company due to financial problems.

Breaking the News / TF