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Elon Musk officially announces new Tesla Gigafactory for Mexico

Monterrey, Nuevo León — Tesla CEO Elon Musk has announced the construction of a new Monterrey Gigafactory in Mexico. Musk made the announcement Wednesday during Tesla Investor’s Day in Texas.

We’re excited to announce that the next Tesla Gigafactory will be in Mexico near Monterrey,” Musk reported Wednesday from Austin. The investment to construct the Gigafactory electric vehicle plant will be around $5 billion USD.

“The Tesla Gigafactory will be in Mexico near Monterrey, so we are very excited . I want to emphasize that we will continue with the expansion of production in all our existing plants, including California, Nevada, here in Texas and a part in Shanghai,” he said at Tesla Investor’s Day.

Musk also said that the electric vehicle company is in talks with its investors regarding long term growth. Investor’s Day attendees were provided with a render of the new Monterrey plant, which was posted on Twitter by Tesla along with the official announcement.

Earlier this week, President Andrés Manuel López Obrador announced he and Elon Musk had come to an agreement regarding the construction of a Tesla plant in Monterrey.

Additional details including the size of the plant or an anticipated construction start date were not provided.