Tesla will acquire parts from the insolvent German high-tech parts manufacturer Manz AG, as well as more than 300 employees from the Reutlingen unit, the German company announced this Tuesday.
According to “Reuters”, the insolvency administrator of Manz and Tesla Automation GmbH, the German subsidiary of the North American electric car manufacturer, have signed the purchase agreement. The transaction, which includes movable tangible assets and the use of Manz’s property, has not disclosed the purchase price.
The insolvency administrator of Manz, Martin Mucha, confirmed that discussions to sell other assets of the company are ongoing. “We are currently having promising talks with several interested parties”, Mucha said.
This acquisition by Tesla in Germany comes at a time when Elon Musk’s company is facing difficulties in Europe’s largest automotive market, with a decline of about 60% in vehicle sales in January compared to the same period in 2024.
