Tesla Motors has reportedly agreed to buy a Michigan-based parts maker, Riviera Tool. The acquisition is seen as a significant ‘first’ for Tesla.
Riviera Tool is based in Grand Rapids, Michigan and makes stamping parts that are shipped to Tesla’s assembly plant in California. It has around 100 employees.
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The Detroit Free Press initially reported the acquisition.
News of the acquisition comes hours after the company reported a US$154m loss in the first quarter. It said the loss reflected heavy spending associated with new product development.
Purchasing a Michigan-based tool and die company illustrates Tesla’s need for a capable manufacturing partner for stamped body parts and could be the start of more acquisitions in the automotive supplier sector, analysts say.
Tesla Model S has aluminium body panels, as will the Model X. However, the planned Model 3 will have steel panels.
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