Tesla Acquires Parts of Insolvent German Maker Manz
Tesla is acquiring parts of the insolvent German high-tech parts maker Manz AG, including more than 300 employees at its site in Reutlingen city in the southwest, allowing the U.S. carmaker to bolster its operations in Germany. The acquisition marks a wider presence by Tesla in Germany, where it runs a manufacturing site near Berlin, despite CEO Elon Musk's endorsement of the far-right AfD party. This move aims to enhance Tesla's competitiveness in the country by leveraging Manz's expertise and workforce.
- By expanding into German manufacturing, Tesla may be able to capitalize on its existing brand recognition and distribution network, potentially boosting sales in a critical European market.
- How will this acquisition affect the broader European electric vehicle landscape, particularly among established manufacturers like Volkswagen and BMW?