Tesla Motors is acquiring US-based stamped parts manufacturer Riviera Tool for an undisclosed amount
The company is looking at increasing the production of its Model S electric sedan and new luxury electric crossover, the Model X and supply close to 55,000 vehicles from its Fremont plant this year.
Riviera Tool manufactures large-scale, custom metal stamping die systems used in the production of sheet metal parts and assemblies for the automotive industry.
It currently supplies its products to global customers including Ford, General Motors, Fiat Chrysler Automobiles, Nissan, Daimler and BMW.
Upon completion of the acquisition, Riviera Tool will be renamed to Tesla Tool & Die.
Tesla spokesperson said: "We are excited to have reached a deal with Riviera and have a presence in the state of Michigan and bring additional tool building capabilities in-house.
"This acquisition will help us to build new stamping and plastic parts in a cost effective manner, support new metal forming technology development, and allow us to increase production as we introduce more models."
