🍎 🍕 Less apples, more pizza 🤔 Have you seen Buffett’s portfolio recently?Explore for Free

Mexico announces new Tesla plant to be built in Monterrey

Published 02/28/2023, 10:19 AM
Updated 02/28/2023, 10:23 AM
© Reuters.  Mexico announces new Tesla (TSLA) plant to be built in Monterrey
TSLA
-

By Michael Elkins

Mexican President Andres Manuel Lopez Obrador announced Tuesday morning that the government has reached an agreement with electric vehicle maker, Tesla (NASDAQ:TSLA) over the company's plan to build a new plant in the northern city of Monterrey.

Speaking at a news conference, Lopez Obrador said Tesla would likely give more details of its plans on Wednesday, and that the new plant would be very big and create many jobs.

Lopez Obrador spoke with Tesla CEO Elon Musk before the announcement on Monday, which followed a separate conversation the two had held late last week. The call between the two took place after Lopez Obrador had on Friday stirred fears that he could block the investment in Monterrey if water was scarce in the arid region. However, the president said Musk had understood the challenge posed by water scarcity in the region, and that the company would be making a series of commitments as part of the deal.

Shares of TSLA are down 0.75% in early trading on Tuesday.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.