The Mexican government has announced that Tesla will invest about “$5 billion” in a factory in Mexico, making it one of the company’s “largest production facilities” in the world.
Foreign Affairs Secretary Marta Delgado:
We have attracted almost $5 billion in investment in Mexico to create the world’s largest electric vehicle factory
The investment was agreed upon after 14 months of work.
“I’m going to Austin, Texas, to attend Elon Musk’s press conference about the investment in 2023,” Delgado added in a caption accompanying a video of her at the Mexico City airport.
Mexican President Andrés Manuel López Obrador previously announced that Tesla would open a factory in Monterrey, in the north of the country, near the border with the United States.
“This will mean a huge investment and a lot of new jobs,” Lopez Obrador said, adding that the company would provide more details on Wednesday.
I want to thank Elon Musk. He was very respectful and attentive.
Located just over 200 kilometers from the border with the United States, Monterrey is one of Mexico’s most important economic and industrial centers.
Mexican media, however, citing an anonymous source familiar with the matter, reported that Tesla’s initial investment would be about $1 billion, with total costs rising to $10 billion in subsequent stages.