Tesla Inc. agreed to buy certain assets of embattled German automation systems supplier Manz AG, which has entered insolvency proceedings after facing a liquidity squeeze.
Tesla Automation, which makes special-purpose machines at three locations in Germany, will add Manz's Reutlingen site to its operations and take over more than 300 employees as well as movable tangible assets, Manz said Tuesday. The parties agreed not to disclose the purchase price.
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About 100 Manz workers are set to lose their jobs after the acquisition. The manufacturer, which had invested heavily in battery cell production technology, filed for insolvency in December after a prolonged downturn in the market led to a slump in sales and increasing losses.
Tesla is adding automation capacity in the key German market as it tries to counter a sales slump in Europe. The Elon Musk-led company's registrations in the region cratered 45% last month, while overall demand for electric vehicles surged.
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