Tesla to buy Germany-based Grohmann Engineering

Markets Reuters

Founder and CEO of Tesla Motors Elon Musk speaks during a media tour of the Tesla Gigafactory, which will produce batteries for the electric carmaker, in Sparks, Nevada, U.S. July 26, 2016. REUTERS/James Glover II (Copyright Reuters 2016)

Electric car maker Tesla Motors Inc said on Tuesday it would buy Germany-based Grohmann Engineering to improve its automated manufacturing systems.

Continue Reading Below

The financial terms of the deal were not disclosed.

The deal is expected to add over 1,000 engineering and skilled technician jobs in Germany over the next two year, Tesla said in a blogpost. (http://bit.ly/2eIkeNm)

(Reporting by Aishwarya Venugopal in Bengaluru; Editing by Shounak Dasgupta)