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DETROIT, MI - California electric carmaker Tesla Motors announced Wednesday it had acquired Cascade Township-based Rivera Tool, LLC, according to a report in the Detroit News.
The West Michigan company, which has about 100 employees, will help Tesla streamline production as prepares to introduce its Model X electric crossover.
Related: Tesla acquisition revives hope at West Michigan tool and die maker
Tesla plans to retain most of the workers, and will rename the company Tesla Tool and Die Factory, according to the News. Financials surrounding the deal weren't disclosed.
Company co-founder and CEO Elon Musk has also said the company, which produces its Model S electric sedan at its main assembly site in Fremont, Calif., is also keen on bringing a smaller and more affordable electric car to the market.
DETROIT, MI - California electric carmaker Tesla Motors announced Wednesday it had acquired Cascade Township-based Rivera Tool, LLC, according to a report in the Detroit News.
The West Michigan company, which has about 100 employees, will help Tesla streamline production as prepares to introduce its Model X electric crossover.
Related: Tesla acquisition revives hope at West Michigan tool and die maker
Tesla plans to retain most of the workers, and will rename the company Tesla Tool and Die Factory, according to the News. Financials surrounding the deal weren't disclosed.
Company co-founder and CEO Elon Musk has also said the company, which produces its Model S electric sedan at its main assembly site in Fremont, Calif., is also keen on bringing a smaller and more affordable electric car to the market.
