According to media reports, on February 25, German high-tech component manufacturer Manz AG, which has filed for bankruptcy, announced that American electric vehicle maker Tesla will acquire part of its business. Over 300 employees of Manz AG, located in Reutlingen in southwest Germany, will be transferred to Tesla subsidiary Tesla Automation GmbH.
It is reported that Manz entered bankruptcy proceedings due to the sharp deterioration of the European battery market. Manz stated that its bankruptcy administrator and Tesla Automation GmbH signed an acquisition agreement on February 24. The parties have agreed not to disclose the acquisition price, and the deal will be subject to merger control regulations.
Tesla Automation, which operates three factories in Germany specializing in the manufacturing of special-purpose machinery, plans to take over more than 300 employees and movable tangible assets from Manz in Reutlingen, along with utilizing Manz's real estate in Reutlingen. However, Manz indicated that around 100 other employees will face unemployment and will not be transferred to Tesla Automation.
Manz's bankruptcy administrator Martin Mucha commented, "We are pleased to have successfully negotiated with Tesla, preserving many jobs and providing employees with a career prospect within one of the most renowned automotive groups in the electric vehicle sector."
Mucha also revealed that the structured sale process for other assets of Manz is underway. He added in a statement, "We are currently engaged in fruitful negotiations with several interested buyers."
Lothar Thommes, Managing Director of Tesla Automation, expressed satisfaction with the acquisition plan: "We will gain a group of highly qualified employees with high-level expertise in high-tech mechanical engineering. The Reutlingen plant is an ideal addition to Tesla's continued success in implementing our global automation projects. We are very excited to drive future innovations here."
Tesla has a Gigafactory near Berlin, and the acquisition of part of Manz's business marks further expansion for Tesla in Germany. However, despite this, Tesla's car sales in Germany have dropped nearly 60% year-on-year in January 2025, largely due to CEO Elon Musk's support for the far-right AfD party.
Tesla's sales in Europe are also not promising. According to data from the European Automobile Manufacturers Association, Tesla sold only 9,900 cars in Europe last month, down more than 45% compared to the same period in 2024, and its share of total new car registrations in Europe has decreased from 1.8% to 1%.
