Tesla CEO Elon Musk announced Wednesday that the company will build its next Gigafactory in Mexico. The news came during live Q&A sessions after Tesla’s Investor Day event, where he announced his Master Plan, Part Three.
During the event, Musk revealed that the facility will be built in the Mexican state of Nuevo León, which shares a small border with Texas, home to Tesla’s Austin Gigafactory. Yesterday, the president of Mexico, Andrés Manuel López Obrador, confirmed that the project will be built in the city of Monterrey, which is about 387 miles away from Tesla’s headquarters in Austin.
The announcement confirms earlier reports that Tesla was planning its sixth Gigafactory in Mexico. Musk had reportedly toured three Mexican states in December before settling in Nuevo León. At that time, the local newspaper remodeling reported that the company would announce an initial investment of $800 million to $1 billion. It is reportedly expected to cost $10 billion when it reaches full maturity.
A day before Tesla’s fourth-quarter earnings call in January, the automaker announced it will invest $3.6 billion in its first Gigafactory in Nevada. That facility will gain another 4 million square feet of manufacturing space for Tesla Semi production and 4,680 cells. In total, Gigafactory Nevada will cost Tesla $9.8 billion.
