Tesla Triples Investment in Mexico Gigafactory

The state of Mexico has reasons to celebrate as Elon Musk has decided to triple the investment for his new electric vehicle gigafactory.

According to the Reforma newspaper, Tesla, the renowned American electric car manufacturer, will increase its investment from $5 billion to $15 billion for the construction of its state-of-the-art mega plant in Mexico.

Samuel García, the governor of Mexico, stated that this boost in investment is due to the plant’s location in Santa Catarina municipality. Given the ample space available, the plant will be twice as large as initially projected.

Tesla Boosts Investment to $15 Billion in Mexico Plant

“The plant we announced in March, it’s not the same anymore, it will be twice as big,” the governor expressed during an inspection at La Huasteca Park, as reported by the mentioned newspaper. “It’s a significant leap in terms of employment and construction in a short period.”

Regarding the construction timeline of the gigafactory, the original 36-month plan remains, as Tesla presented to the Secretariat of Environment and Natural Resources in the Environmental Impact Statement.

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So far, Musk’s company has not issued any statements on the matter, and it’s unknown if this change will affect the expansion plans of their other facilities.

Currently, Tesla has 6 “gigafactories” worldwide: 4 in the United States (Nevada, New York, Texas, and California), one in China, and another in Germany.

“As we improve affordability, the number of customers with access to our products significantly grows. This, aligned with our master plan, allows for exponential growth in our volume with linear reductions in the cost of our products,” commented Zach Kirkhorn, Tesla’s Chief Financial Officer.

With information from Reforma