XLY - Tesla Sues Former Supplier Over Trade Secret Theft Seeks $1B Compensation: Report | Benzinga
Tesla Inc. (NASDAQ:TSLA) has reportedly initiated a legal battle against its former supplier, Matthews International Corp (NASDAQ:MATW), accusing the company of misappropriating trade secrets.
This lawsuit, filed in the U.S. District Court for the Northern District of California, centers on allegations that Matthews shared proprietary battery manufacturing technology with Tesla’s rivals, reported Reuters.
The legal action claims that Matthews International caused damages potentially exceeding $1 billion due to the alleged misuse of Tesla’s innovative dry electrode battery technology.
This technology is crucial for enhancing the performance and cost-efficiency of batteries, a core component of Tesla’s business strategy.
According to the complaint, Matthews began its ...