Tesla Motors has acquired Riviera Tool, a Grand Rapids, Mich.-based auto supplier, according to a report from the Free Press. The acquisition marks the first instance when Tesla has acquired another firm.
How the deal will help Tesla
Riviera supplies stamping parts to Tesla Motors’ assembly plant in Fremont, Calif. and has around 100 employees. The EV manufacturer will probably keep all those workers and eventually rename the company Tesla Tool & Die, says the report, citing a source. Further, more employees could be added in Riviera, which is situated near the Gerald Ford International Airport. The EV manufacturer reportedly expects to keep working with other stamping parts suppliers as well.