Tesla Plans Gigafactory In First Mexico Investment

Tesla announced plans to open a gigafactory in Mexico as it pushes to expand its global output. Reuters reports: Mexico on Tuesday said Tesla had chosen the northern border state of Nuevo Leon for a new factory worth more than $5 billion, calling it the "the biggest electric vehicle plant in the world." Tesla will ramp up output at all of its gigafactories, Musk said at an Investor Day event Austin, Texas. The company laid out plans to cut assembly costs by half in future generations of cars and discussed its innovation in managing operations from manufacturing to service. The plant near the city of Monterrey "will be supplemental to the output of all the other factories," Musk said at the end of the more than 3-hour long presentation, calling it "probably the most significant announcement of the day." Tesla's global capacity was 2 million vehicles a year, Tom Zhu, the new global production chief, said at the event. Musk did not provide details of how many vehicles the factory would produce in a year and Tesla's investment in it.

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