Tesla May Announce $10 Billion Gigafactory in Mexico in Coming Days

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Tesla could announce plans to build a new Gigafactory in the Mexican state of Nuevo Leon with an initial investment of between $800 million and $1 billion, local newspaper Reforma reports. The EV maker is expected to announce the exact location of its new factory and more details about the deal as soon as this week.

According to a source, the factory is expected to cost Tesla a total of around $10 billion upon completion, including future expansions. This would make it the company’s most expensive Gigafactory to date, with the Gigafactory in Berlin costing approximately $5.5 billion in comparison.

The announcement would come shortly after Mexico and Canada won a trade dispute with the US over vehicles shipped across regional borders. The decision of the trade panel could potentially benefit both consumers and car manufacturers by allowing manufacturers to produce more components, such as high-cost batteries, and assemble more vehicles in Mexico, where labor costs are significantly lower than in the US, according to Sam Fiorani, Vice President of Global Vehicle Forecasting and Supply-Chain specialist at AutoForecast Solutions.

Tesla’s new plant would be strategically located in Nuevo Leon, a state in the northeast region of Mexico. The state is home to a strong manufacturing base and a skilled workforce, making it an ideal location for producing high-quality, high-tech products. The automotive corridor of Nuevo Leon is already home to factories for General Motors Co. and Kia Motors. In addition, the state’s proximity to the United States and the rest of North America makes it an excellent location for exporting Tesla’s EVs to these markets.

The construction of the plant is expected to create thousands of new jobs in the region, as well as boost the local economy through increased economic activity. In addition to the economic benefits, the plant will also help to advance the adoption of electric vehicles in Mexico. Currently, EVs make up a small percentage of the country’s vehicle market, but the construction of the plant is expected to increase demand for these types of vehicles.

The construction of a Tesla Gigafactory in Mexico also perfectly aligns with the nation’s recent ambitious goal to reduce its greenhouse gas emissions by 30% below usual levels by 2030. By increasing the production of electric vehicles and renewable energy products, the Gigafactory will play a crucial role in Mexico’s transition to a low-carbon economy, supporting the country’s efforts to combat climate change and protect the environment.

Musk has also set a target of selling 20 million electric vehicles annually by 2030, which would make Tesla twice as large as any other car manufacturer and represent 20% of global automotive production. To achieve this goal Tesla will need to have a total of 12 Gigafactories, meaning it will need to announce the construction of eight additional facilities within the next few years.