NEW YORK (AP) — 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 percent to 65 percent compared with 2018. The company recently announced a 7 percent cut to its workforce.