22:49:59 EDT Fri 03 May 2024
Enter Symbol
or Name
USA
CA



Post says pair accused of stealing Tesla trade secrets

2024-03-21 08:57 ET - In the News

The National Post reports in its Thursday edition that a Canadian man and a Chinese national are accused of trying to sell a battery-making method belonging to Tesla and using it in their company's manufacturing process. The unbylined item says Klaus Pflugbeil, a 58-year-old Canadian citizen, was arrested in Long Island, N.Y., after arranging to meet with an undercover officer posing as a potential client. His business partner and alleged co-conspirator, Yilong Shao, 47, is still at large. The pair started a company that used "sensitive and proprietary information" belonging to Tesla and marketed their company as a replacement for its products, according to an indictment filed in New York. Mr. Pflugbeil and Mr. Shao are charged with conspiracy to transmit trade secrets, which carries a possible 10-year sentence. Mr. Pflugbeil allegedly acquired Tesla's method of manufacturing batteries used in its vehicles and marketed their company as a replacement for Tesla's products, the indictment says. In 2019, Tesla acquired a Canadian manufacturer of "automated, precision dispensing pumps" used to manufacture alkaline and lithium-ion batteries, the lawsuit says. The pair were reportedly employees at this company.

© 2024 Canjex Publishing Ltd. All rights reserved.