Tesla to produce batteries for electric vehicles

17:34 - 5.02.2019


February 5, Fineko/abc.az. Tesla, owned by billionaire Elon Musk, has agreed to purchase California-based battery manufacturer Maxwell Technologies.

Bloomberg reports that Tesla buys battery producing Maxwell Technologies for $218 million. Available technology of the company will enable to speed up the charging of electric vehicles.

Maxwell Technologies has been manufacturing batteries and supercapacitors for more than half a century for various industries. Currently, the company supplies its products to such auto giants as General Motors and Volkswagen.

According to Reuters, today Tesla orders all its batteries from Japanese corporation Panasonic. As experts stress the purchase of Maxwell Technologies will allow Tesla to establish its own production of batteries for electric vehicles in the shortest possible time.

Maxwell Technologies is the fifth acquisition of Tesla in the past few years. Thus, in 2016, the company bought energy company SolarCity for $2.6 bn.

Tesla was founded by Musk in 2003. Its headquarters is located in Palo Alto (California). At first, it specialized only in production of electric vehicles, and later began to engage in creation of energy storage systems. Currently, the company produces sedans Model 3 and Model S, as well as crossover Model X.

 

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