[Asia Economy Reporter Lee Chun-hee] American electric vehicle company Tesla is set to acquire a German battery assembly company to strengthen its in-house battery production capacity.
According to major foreign media on the 2nd (local time), Tesla plans to acquire Germany's ATW Automation. ATW is a subsidiary of ATS, headquartered in Canada, and assembles and supplies vehicle battery modules and packs in Germany. With a workforce of 120 employees, it operates more than 20 production lines supplying batteries to global automobile manufacturers.
On the 25th of last month, ATS announced it would sell the assets and personnel of its Germany-based subsidiary to a third party. According to local German media, ATW is reportedly on the brink of bankruptcy due to a recent sharp decline in orders.
At last month's 'Battery Day,' Tesla unveiled an innovation plan to drastically reduce battery pack costs within three years. Tesla is currently constructing its third automobile manufacturing facility near Berlin, Germany, which includes a battery manufacturing plant, and aims to establish another factory in Texas, USA, this year.
Tesla announced that it achieved global vehicle sales of 139,300 units in the third quarter of this year.
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