Home Business NewsBusinessAutomotive News Tesla planning to invest more than $5 billion in Mexico to open another factory

Tesla planning to invest more than $5 billion in Mexico to open another factory

19th Feb 24 10:58 am

The news that Tesla, the excellent electric car company, has plans to invest more than five billion dollars in Mexico in order to establish a factory has caused much excitement.

This investment seeks in its first stage to initiate the operation of a plant that would produce approximately one million electric vehicles per year, not only to serve the Mexican market, but also to supply the demand in Latin America and Europe.

The choice of Nuevo Leon as the site for the factory was not by chance. The proximity to Tesla’s headquarters in Austin, Texas, would make the logistics and export of the vehicles easier. Also, the incentives offered by the local government and Mexico’s high level of engineering education supported the decision. Mexico’s potential in this sector is highlighted by the fact that more than 50% of Tesla’s engineers are Mexican.

The factory facility is expected to generate between 5,000 and 6,000 jobs in the initial phase, with prospects of reaching up to 10,000 jobs in the future.

Tesla has also announced an investment with the intention of building a battery plant in Hidalgo or Puebla. They are also looking for lithium resources in Sonora as part of their strategy to promote electromobility and renewable energies in the country.

Despite this, the road has not been easy for Tesla. Access infrastructure to the factory was identified as one of the main obstacles, which is why the company requested support from the federal government for its development and improvement. Water scarcity in the region is another major challenge, but Tesla plans to address it by using treated water, collecting rainwater and with a sustainable plan for its use in the area.

Tesla’s investment in Mexico is not only a significant economic opportunity, but also an important boost for the electromobility and clean energy industry in the country. In summary. With the goal of creating jobs and contributing to sustainable development, this initiative is committed to being a driver of growth and innovation in Mexico and beyond.

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