Tesla Motors Inc (NASDAQ:TSLA) has made up its mind to be among the top notch companies in its sector. Hence, it zeroed down to acquire a company based in Michigan at Grand Rapids, some 150 miles towards the west of Detroit. The SME deals in automotive stamping parts manufacture and sales. This move is the first time that Tesla has gone out to acquire another entity, with robust plans of business expansion.
The takeover of the tool and die shop in Michigan showcases the mission and vision of Tesla, which is primarily focused on augmenting the growth and development. The news reports state that the prevalent Riviera Tool Company (OTCMKTS:RIVT) tool shall eventually be Tesla Tool and Die. However, the currently employed individuals shall be retained, with the underlying possibilities of hiring a number of people in future.
Thus, the electric vehicle and automotive vehicle company shall have stakes in the premier, original motor capitol of this world. This is a portrayal of ground-based baby of Elon Musk, working towards alleviating myriad of supply chain concerns.
Tesla Has Reforms In Place
A lot of investment is in the pipeline for Tesla, and investors can be relieved with their aggressive intent for growing business. A Tesla spokesperson commented that the company is excited having reached this benefiting deal with Riviera Tool Company (OTCMKTS:RIVT). Quite certainly, the company shall have a widespread presence across Michigan, and bring about additional reforms in its marketing and presence. The company looks towards bringing additional building capabilities equipped in-house.
A Bright Future Ahead
The acquisition shall take Tesla Motors Inc (NASDAQ:TSLA) to newer heights, helping the company to build a plethora of plastic and stamping parts, quite cost-effectively. The objective is to support new technologies that will enhance the productivity of the company and help in introducing newer range of models. The future looks bright for Tesla; the company’s stock price has started soaring, with the recent news.