Tesla is expected to announce Mexico Gigafactory at Investor Day event
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Mexico President Andres Manuel Lopez Obrador confirmed on Tuesday that Tesla (NASDAQ:TSLA) will build a new plant close to the northern Mexican city of Monterrey. A formal could announcement could come late on Wednesday at the Tesla Investor Day event in Austin, Texas.
Lopez Obrador said Musk agreed to certain terms regarding water scarcity during a phone call last week. "There is one commitment that all the water used in the manufacture of electric automobiles will be recycled water," he noted to CNBC.
Tesla (TSLA) has stated in the past that it will need to build eight new Gigafactories in order to achieve a goal of producing 20M vehicles a year by the end of 2030. The EV giant currently has the capacity to produce about 1.9M vehicles a year if all lines are running.
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