Tesla buys battery technology company
Maxwell Technologies will help the manufacturer of electric vehicles cut production costs.
NEW YORK — Tesla is buying the battery company Maxwell Technologies Inc. about $218 million in stock.
The deal gives Tesla a boost in battery technology as it tries to cut costs and mass produce electric cars. Those improvements involve improving battery capacity and cutting down on recharging time.
David Lyle, the chief financial officer at Maxwell Technologies Inc. told analysts last month that because of recent technological developments, the San Diego company expected to form new partnerships within six months.
Tesla Inc. expects to deliver 360,000 to 400,000 vehicles this year, a growth rate of 45 per cent to 65 per cent compared with 2018. The company recently announced a 7 per cent cut to its workforce.