Tesla Motors Inc. has agreed to buy a Michigan auto-parts maker, Riviera Tool, for an undisclosed amount.
The Grand Rapids, Mich. company makes stamping-die systems used to create body panels. Tesla confirmed the agreement to buy the company after a report in the Detroit Free Press. The company has about 100 workers, which Tesla intends to keep, according to the newspaper’s report.
News of the acquisition comes hours after the company reported a $154 million loss in the first quarter because of heavy spending related to growing the company and launching its Model X sport-utility vehicle.
The acquisition is a sign of Tesla’s growing scale and ambition. Tesla makes its Model S and forthcoming Model X out of aluminum, which is difficult to stamp and requires special expertise. Tesla brings that know-how and the ability to make its own dies in-house with the move.