Tesla To Buy German Battery Assembly Maker: Report

Tesla, the California-based electric vehicle manufacturer will soon be acquiring a German battery assembly manufacturing company. As per a report filed by Reuters, the EV maker has agreed to buy ATW Automation company, which is a subsidiary of the Canadian ATS Automation Tooling Systems Inc. It majorly focuses on assembling battery modules and packs for the auto industry. As per a German media report in September, the company was on the brink of liquidation due to a massive slump in orders.

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Tesla plans to ramp up battery production in the coming year

Last month, the company announced that certain assets and employees at one of its Germany-based units would be sold and transferred to a third party. However, the company did not disclose the name of the company. Based in western Germany, ATW has completed over 20 battery production lines for international automakers.

As far as Tesla is concerned, the company plans to ramp up battery production in the coming year. And, the EV maker recently confirmed during an event that it would sharply reduce the cost of battery packs within the next three years. The company is also building its third Gigafactory near Berlin, which will also include a battery plant. It also aims to initiate construction at its new vehicle factory in Texas later this year.

Tesla's future product line-up includes the light-duty Cybertruck and the Semi truck.

Also Read: Tesla Reports Record Quarterly Deliveries, But Model 3 Sales Underwhelm Bulls

Tesla's future product line-up includes the light-duty Cybertruck and the Semi truck. Both vehicles will require higher battery capacities. The company on Friday announced that it had delivered over 1.39 lakh vehicles globally in the third quarter and aims to sell half a million vehicles by the end of 2020.