Tesla acquires Riviera Tool
07 May 2015
Tesla Motors yesterday confirmed it had acquired a west Michigan auto supplier as it ramped up production of electric vehicles.
According to the company's spokeswoman Alexis Georgeson, the company this week acquired Cascade Township-based tool and die manufacturer Riviera Tool, LLC and would rename it Tesla Tool and Die Factory. Riviera has a 100-strong workforce and Tesla expects the majority to continue after the acquisition.
"This acquisition enables Tesla to bring additional capabilities in-house, streamlining production and facilitating the introduction of Model X and increased production at the Tesla Fremont (California) factory," Georgeson said yesterday. "This is our first presence in Michigan."
Riviera which designs, develops and manufactures large-scale, custom metal stamping die systems which find application in high-speed production of sheet metal parts and assemblies supplies to Detroit's Big Three automakers, BMW, Nissan and Daimler.
Tesla said yesterday it still planned aggressive growth this year after producing about 11,000 vehicles in the first quarter, and anticipated producing 55,000 vehicles this year after 35,000 last year.