“We are excited to announce that we will be building a Gigafactory in Mexico,” Elon Musk said to loud applause Wednesday afternoon. “Obviously, we’ll have a grand opening, a big milestone, but we’re excited to announce that the next new Gigafactory will be in Mexico, near Monterrey. Very excited,” he added. The plant will produce Tesla’s new “next generation” vehicle…

“We are excited to announce that we will be building a Gigafactory in Mexico,” Elon Musk said to loud applause Wednesday afternoon. “Obviously, we’ll have a grand opening, a big milestone, but we’re excited to announce that the next new Gigafactory will be in Mexico, near Monterrey. Very excited,” he added. The plant will produce Tesla’s new “next generation” vehicle.

Tesla held its investor day, an event to inform its investors of its plans and its financing needs. On Wednesday, Musk and his team unveiled what they called Master Plan 3 to accelerate the transition from fossil fuels to renewable fuels. The world’s leading electric vehicle maker has four car manufacturing plants, which it calls “Gigafactories”.

“We will continue to expand production in all of our factories in California, Nevada, here in Texas, and Shanghai. We intend to increase the production in all the factories, so ‘Kigamexico’ will complement the production of all the other factories. I want to be clear that we will not move production from anywhere to anywhere, it is an expansion of total global production. That would be great”.

“I suppose the governor is here?” Musk said. “Welcome. And I think the Secretary of State came too. If anything, we’re happy to have a grand opening.” The governor of Nuevo Leon, Samuel Garcia, announced on his social media that he attended the event in Texas. According to sources with knowledge of the project, the investment will reach about 4,500 million dollars and the production of one million electric vehicles per year.

Joe Biden’s government in the US wants semiconductor and power technology companies like Tesla to leave China and settle in their country or in “allies” like Mexico and Canada, their main trading partners. With the arrival of Tesla, experts predict that Mexico will consolidate itself as an energy exporter of cars and auto parts.

In recent weeks, Tesla’s visits to Nuevo Leon, a state ruled by the opposition party of President Andrés Manuel López Obrador, have caused tension. The presidency offered Tesla privileges to better locate himself in the state of Hidalgo, near Felipe Angeles International Airport, one of López Obrador’s signature jobs. However, Tesla decided on Nuevo Leon, López Obrador announced on Tuesday.

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