Electric car maker Tesla has agreed to buy privately held Perbix, which designs automated manufacturing equipment. Financial terms were not disclosed.

In a filing, Tesla said it will pay stock and cash for Perbix and the company’s owner, Jim Dudley, would receive 34,772 shares in Tesla, worth about $10.5 million at the company’s current share price of around $300.

Minnesota-based Perbix has been a Tesla supplier for nearly three years and an acquisition by the carmaker would allow it to bring more parts production in house.

“With the acquisition of Perbix, Tesla further advances its efforts to turn the factory itself into a product to build the machine that makes the machine,” Tesla said on its website.

Elon Musk has insisted on performing much of the work within the company, one of the reasons Tesla has been continually pushing back production targets.

Read more: Tesla bought a company to help automate its factories

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Published by Mike Rawson

Mike Rawson has recently re-awoken a long-standing interest in robots and our automated future. He lives in London with a single android - a temperamental vacuum cleaner - but is looking forward to getting more cyborgs soon.

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Tesla bought a company to help automate its factories

by Mike Rawson time to read: 1 min
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