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Tesla to build a new factory in Monterrey, Mexico

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The President of Mexico has now confirmed that Tesla will build a factory in Monterrey, and details are likely to be announced tomorrow.

For months, there have been rumors that Tesla is close to announcing a Gigafactory project in Mexico. Last year, Tesla CEO Elon Musk confirmed that when discussing Tesla’s next plant in North America, it was considering new factory locations in Canada, Mexico, and the United States.

In October, Musk visited the state and met with the governor, sparking rumors of a Tesla factory in Mexico. Local media reported that Tesla is particularly interested in a site in Santa Catarina, a municipality just outside Monterrey, in the state of Nuevo Leon. After the visit, the government confirmed discussions about a possible investment in the state.

In December, a deal was reportedly signed to build a Tesla factory in Mexico, with an announcement expected later this month. By the end of the month, government officials claimed an announcement from Tesla was imminent, but two months later, it still has not.

Things were further complicated by the recent personal involvement of Mexican President Andrés Manuel López Obrador in the negotiations. He said Tesla would be hesitant to build a factory in Nuevo Leon, a state controlled by his opposition, because of “water supply concerns.”

Instead, he has been pressuring Tesla to build a factory closer to Mexico City, in a new business hub he’s promoting next to a new airport. After two phone calls over the past few days between Lopez Obrador and Elon Musk, the parties are now nearing an agreement.

Mexican authorities reportedly confirmed the pair spoke for 35 minutes on Saturday and 40 minutes on Monday, according to Reuters. Government officials have suggested the deal is very close and could be announced as early as today.

The new rumor comes just ahead of Tesla’s Investor Day tomorrow, when Tesla plans to lay out plans to increase production of electric vehicles to 20 million a year by the end of the decade.

Automakers have indicated that they will need to build eight new gigafactories to meet this goal. Therefore, more locations will be announced relatively soon.

President Lopez Obrador has confirmed that Tesla will build a factory in Monterrey, Nuevo Leon. Details will be announced later this week, most likely at Tesla’s Investor Day tomorrow.

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