Tesla has not yet registered investments in Mexico despite the government’s enthusiasm

Tesla Inc.., the billionaire’s electric vehicle maker Elon Muskstill has not formally registered its investment plans in a plant near Monterrey, Mexicowhere he intends manufacture a next-generation electric vehicle.

Although the company made the announcement for an investment that could reach US$10 billion in several stageshas not registered the plan with the Ministry of Economy, said its highest authority, Raquel Buenrostroin an interview with El Financiero Bloomberg TV. She said that They are not clear about what is concrete compared to the advertisement.

The comments occur after Musk said on his third-quarter earnings conference call that the company is not ready to go “full speed ahead.” in its construction in the state of Nuevo León, in northern Mexico. Plant has been promoted both by the state government as by the federal as a sign that Mexico is attracting major companies amid changes in supply chains that drive so-called nearshoring investments.

The investment that Tesla had planned required certain volumes of water that are currently not available due to a drought, Buenrostro added in the interview. The national government has said that will prioritize water for domestic consumption. However, the secretary still believes that the company’s decision is firm; says the signs are good, even if there are delays, because its suppliers are setting up shop in the areahe claimed.

Pemex’s falling profits complicate the reduction of its debt

Other key points from the interview:

  • Mexico has recorded more than US$100 billion in investment announcements that are expected to materialize in the next two or three years; US$70,000 million from foreign companies and US$33,000 million from local companies
  • The figure could be even higher, since the Government estimates that, for every peso of investment announced, 3 pesos are spent on average. That is even higher for Chinese companies, which spend 10 pesos for every peso advertised, he added.
  • The Government plans to announce on November 17 the results of the tender for five industrial parks in the south of the country
  • The government is interested in attracting wind farms to an area of ​​Oaxaca, but regardless of whether that goes ahead, it promised bidding companies that they will have clean energy produced from existing wind farms and a hydroelectric plant in Chiapas.
  • The Ministry of Economy is in talks with the Ministry of Finance to expand tax incentives aimed at attracting nearshoring investments

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