Tesla invests USD 15bn in new factory in Mexico

Like several other car manufacturers, Tesla is investing heavily in the large Mexican automotive industry.
The invested amount is three times as much as previously announced. | Photo: Daniel Becerril
The invested amount is three times as much as previously announced. | Photo: Daniel Becerril
by RITZAU

Tesla and several of its suppliers will invest USD 15bn over the next two years in a new factory in Mexico.

This was announced by the state governor of Nuevo Leon, Samuel Garcia, on Monday local time.

The amount is three times as much as previously announced.

As a result of the investments, the state government will have to invest in more highways and other public infrastructure.

It was back in March that Tesla CEO Elon Musk announced the new so-called gigafactory.

The announcement came in the wake of announcements from a number of other car manufacturers such as BMW, General Motors and Ford, who are also investing heavily in the production of electric vehicles in Mexico, which has a large automotive industry.

Anonymous sources have previously told Reuters that Tesla expects to begin production of electric cars at the new factory in 2025.

When Tesla published its half-year results in July, it was reported that the company increased its revenue by 47% in the second quarter compared to the corresponding period in 2022.

In actual figures, revenue for the quarter amounted to USD 24.93bn.

Earlier this year, the company lowered the price of several of its models.

This has happened both in the US and in Denmark.

In January, for example, the price of the popular Model 3 dropped by DKK 90,000 (USD 13,000), while the Model Y fell more than DKK 100,000.

Elon Musk said in January that Tesla could sell up to 2 million electric cars by 2023.

In comparison, Tesla sold 1.3 million vehicles in 2022.

(Translated using DeepL with additional editing by Kristoffer Grønbæk)

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