Tesla drives towards a sustainable future with plans for a new gigafactory in Mexico

Since the beginning of 2023, Tesla shares have risen 75%, reconfirming Elon as the richest man in the world. Investors are eagerly anticipating Elon Musk’s plans for the future as Tesla’s Investor’s Day takes place today.

Tesla is in final talks to build a “Gigafactory” in Mexico. President Andres Manuel Lopex Obrador confirmed in a statement earlier this week that “the entire Tesla company” would come to Mexico to build a “very large” automotive plant, noting that possible investments in batteries were still pending. He did not disclose which models would be produced there. The automotive plant would produce the semi-truck, the roadster sports car, and possibly other vehicles. Another official said the plant could produce some kind of sport utility vehicle (SUV). Wednesday could reveal whether the Model Y, Tesla’s best-selling car, will also be made.

Elon will work with Mexico’s president to promote employment and development in the Santa Catarina region. The plant will be located there, and the water crisis in that region will also be addressed to ensure the smooth operation of the plant. According to Mexico’s foreign minister, the project is worth $5 billion, and Tesla plans to produce one million electric vehicles per year at the factory, in addition to the 1.9 million vehicles produced at other Tesla factories in the U.S., Europe, and Thailand. This will help Tesla reach its goal, boost consumer confidence and send Tesla shares to the moon again.