BREAKING NEWS

BREAKING NEWS

Tesla buys automation equipment maker Perbix

Now Reading:

Tesla buys automation equipment maker Perbix

Text size Aa Aa

(Reuters) – Electric car maker Tesla Inc <TSLA.O> said on Tuesday it agreed to buy privately held Perbix Machine Co Inc, which designs automated manufacturing equipment. Financial terms of the deal were not disclosed. Minnesota-based Perbix has been a Tesla supplier for nearly three years and an acquisition by the carmaker would allow it to bring more parts production in house. http://bit.ly/2hilfQb “With the acquisition of Perbix, Tesla further advances its efforts to turn the factory itself into a product – to build the machine that makes the machine,” Tesla said on its website. Tesla Chief Executive Elon Musk has insisted on performing much of the work within the company, one of the reasons Tesla has been continually pushing back production targets for the Model 3 sedan. Tesla makes many of its auto parts, including car seats, which big automakers usually farm out to specialists.

(Reporting by Arjun Panchadar in Bengaluru; Editing by Bernard Orr)
euronews provides breaking news articles from reuters as a service to its readers, but does not edit the articles it publishes. Articles appear on euronews.com for a limited time.