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A Mexican state governor has revealed that Tesla (NASDAQ:TSLA) and its suppliers will together invest ~$15B over the next two years in the gigafactory under construction in Nuevo Leon, as per a Reuters report.
The investment is almost triple the amount that was previously announced by Mexican officials.
“Just Tesla (TSLA) and its suppliers will generate an investment of $15B in two years,” said Nuevo Leon Governor Samuel Garcia at an event, adding that this “enormous amount” will necessitate increased state spending on roads and other public works.
While Tesla (TSLA) has not announced a timeframe for its gigafactory construction or production yet, sources previously told Reuters that production could begin in 2025.
Tesla’s (TSLA) initiative is the largest among recent investments in Latin America’s electric vehicle space. Other automakers, like BMW, General Motors, and Ford, have all announced plans to step up EV production in Mexico.
