A report by the Mexican newspaper La Jornada published this Friday stated that Tesla (NASDAQ:), the manufacturer of electric vehicles for magnate Elon Musk, has not yet registered the investment it announced for the construction of a Gigafactory in the state of New Leon, northern Mexico.
“The head of the Ministry of Economy (SE), Raquel Buenrostro Sánchez, affirmed that to date the investment of the Tesla assembly company, owned by billionaire Elon Musk, is not yet registered with the agency, despite the fact that state authorities, headed by Governor Samuel García Sepúlveda, take the project as a fact,” the outlet said.
According to the report, the press questioned the head of the SE as to why the firm has not registered the investment with the corresponding authorities, but she said she was unaware of the reason.
Previously, the head of the Ministry of Economy in Nuevo León, Iván Rivas, had reported that the construction of the Gigafactory would require between 14 and 16 months, but the start of construction was subject to obtaining federal permits.
At the end of February, the president of Mexico, Andrés Manuel López Obrador, announced Tesla’s decision to install its megafactory in the municipality of Santa Catarina, in Nuevo León. This was confirmed in March by Elon Musk himself during Tesla Investor Day.
How much will the investment be?
Initially, various calculations suggested that the construction of this factory will invest around 5,000 million dollars (mdd) and will have a production capacity of up to 1 million units, a volume equivalent to 76% of the units manufactured in 2022.
But a report by the newspaper El Norte, from Grupo Reforma, said that the amount required could be much higher, which could range between 8,000 and 10,000 million dollars, according to a source consulted.
The local newspaper also reported that Tesla has already bought more than 1,600 hectares in the municipality of Santa Catarina, so it is expected to be a much larger plant than the one it has in Austin.
At the end of June, the China Late Post reported that at least 20 Tesla suppliers from that country had already confirmed the installation of factories in Mexico. These suppliers stated that the Tesla factory would have a production capacity of 2 million vehicles per year.
Source: Investing
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