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Tesla is buying a German engineering company to automate factories

Matthew DeBordNov 8, 2016, 18:31 IST

On Tuesday, Tesla announced that it will acquire Grohmann Engineering, a German automated manufacturing company.

The terms of the deal weren't disclosed.

In a statement, Tesla described Grohmann as a "world-renowned engineering company in Prüm, Germany, which will become Tesla Grohmann Automation."

According to Tesla:

Tesla shares were trading up slightly pre-market, to $194.

This is breaking news. We will update when we learn more.

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