Tesla to Build Assembly Plant in Mexico

Tesla to Build Assembly Plant in Mexico

Tesla to Build , Assembly Plant in Mexico.

CNN reports that Tesla CEO Elon Musk made the announcement on March 1.

The new plant will be near the city of Monterrey.

We’re super excited about it.

We’ll continue to expand production at all of our existing factories, Elon Musk, via statement.

So this is not moving output to anywhere, from anywhere.

This is supplemental production, Elon Musk, via statement.

CNN reports that Tesla also has assembly plants in California, China, Texas and Germany.

According to Mexican officials, the new factory could cost $1 billion.

CNN reports that Tesla delivered over 1.3 million vehicles last year.

The company has a goal of bolstering production to 20 million vehicles a year.

To put that number into perspective, the world's largest automaker, Toyota, delivered over 10 million vehicles last year.

To put that number into perspective, the world's largest automaker, Toyota, delivered over 10 million vehicles last year.

Tesla estimates that it will need to spend up to another $175 billion to build enough plants to reach their production goals.

Maybe this total investment looks large.

I think its quite small relative to our ambitions, Zachary Kirkhorn, Tesla CFO, via statement