Mexico’s president announced Tuesday that electric car company Tesla has committed to building a major plant in the industrial hub of Monterrey in northern Mexico.
López Obrador had previously ruled out such a plant in the arid northern state of Nuevo Leon where Monterrey is the capital, because he didn’t want water-hungry factories in a region that suffers water shortages. But he said Musk’s company had offered commitments to address those concerns, including using recycled water.
Monterrey is highly industrialized and close to the U.S. border, and had long been considered the frontrunner for any Tesla investment. Gabriela Siller, chief economist at Nuevo Leon-based Banco Base, said the Tesla investment — which she estimated could be worth $10 billion — represented such a large amount that it trumped any of the president’s objections.
The governor of Nuevo Leon state, where billboards went up last year saying “Welcome Tesla,” crowed about Tuesday’s announcement.López Obrador said Mexico wouldn’t match any U.S. subsidies to win the Tesla plant, referring to U.S. incentives under the 2022 Inflation Reduction Act.
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Mexican president says Tesla to build plant in Mexico - AutoblogMexico's President Andrés Manuel López Obrador said Tesla has committed to building a plant in the industrial hub of Monterrey in northern Mexico.
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