MEXICO CITY: Tesla Inc will build a new plant in northern Mexico, the country's president said on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the US in a deal said by a source to be worth at least US$1 billion. Without providing details, President Andres Manuel Lopez
MEXICO CITY: Tesla Inc will build a new plant in northern Mexico, the country's president said on Tuesday, marking a push by the electric vehicle maker to broaden operations outside the US in a deal said by a source to be worth at least US$1 billion.
The initial investment will be worth around US$1 billion and further phases could bring total spending to US$10 billion, according to a Mexican source with knowledge of the matter.The company has car factories in California and Texas in the United States, Berlin in Germany and Shanghai in China. Lopez Obrador said the two sides had reached agreement after a call with Musk on Monday, following a separate conversation he said the two held late last week.
"Santa Catarina will have the eyes of the world," he said on Instagram. In another video, captioned"10 billion dollars" in bright red, Nava said Tesla's investment would be five times the private investment in the municipality over the past decade. The discussions around Tesla have been a major test of how investors responded to Lopez Obrador's resource nationalism, which has persistently stirred misgivings among business groups.
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