The part can either be produced via Stamping or laser cutting. The two hexagonal cut outs are for removing the tire and losening the nut on the valve. The smaller of the two (for losening the nut on the tube valve) is positioned where the tool is slender so it fits between the spokes. The other end features a bend so that the tool may be used to leverage the tire over the rim. The black portion is a plastic which would be applied by dipping. It has two functions: To protect the tire when the tool is being used as a lever and to also act as a handle when the tool is being used to losen nuts.
The cost to produce such a part is low, <1.5 USD. The parts can also be placed in a backpack so that it may be used if a tube were punctured during trail riding.