General Motors buys key Tesla gigacasting supplier TEI, Reuters reports

General Motors (GM) has acquired Tooling & Equipment International, or TEI, a key Tesla (TSLA) “gigacasting” supplier, Reuters’ Norihiko Shirouzu reports. The deal is a key part of the U.S. automaker’s strategy to make up ground on Tesla, four people familiar with the transaction said. Tesla is now leaning more heavily on three other casting specialists it has used in Britain, Germany and Japan to develop the molds needed for the millions of cheaper EVs it plans to make in the coming decade, the four people say. “General Motors acquired Tooling & Equipment International to bolster its portfolio of innovations and secure access to unique casting technology,” GM said in a statement to Reuters.