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Mexico confirms Tesla investing $5B in its new factory

01 March 2023 08:05 (UTC +04:00)

Martha Delgado, a Mexican deputy foreign minister, confirmed to Milenio Television that Tesla Inc. will invest close to $5 billion in its next "gigafactory" in Monterrey, Mexico and that the factory is expected to make about one million vehicles per year, APA reports citing Nikkei Asia.

"...We are very happy because we achieved it, we brought Mexico an investment of more or less 5 billion dollars for the installation of the largest electric vehicle plant in the world," Delgado said.

In an attempt to broaden its operations outside the US, the electric vehicle maker previously pledged to make an initial $1 billion investment in making the plant, according to Nikkei Asia.