General Motors' Gigacasting Acquisition
Business acquisitionAbout
General Motors (GM) has acquired Tooling & Equipment International (TEI), a company specializing in gigacasting technology. This technology uses 3D printed sand molds to produce large vehicle parts in a single piece, enhancing manufacturing efficiency and reducing costs. TEI had been working with Tesla since 2017, contributing to its gigacasting innovations for models like the Model Y and Model 3. The acquisition is part of GM's strategy to improve its manufacturing capabilities and compete in the electric vehicle (EV) market. The deal allows GM to leverage TEI's expertise in sand casting and rapid prototyping, crucial for producing complex parts efficiently. This move positions GM to integrate gigacasting into its production processes, potentially lowering EV production costs. Other automakers, such as Ford and Toyota, are also exploring gigacasting to streamline vehicle manufacturing. The acquisition is valued at less than $100 million and marks a significant step in GM's efforts to enhance its manufacturing capabilities and remain competitive in the rapidly evolving EV market.
