In March, Tesla CEO Elon Musk announced that Tesla would build a Gigafactory in the northern Mexican state of Nuevo Leon, which will be used to produce Tesla’s next-generation models and is an important part of the company’s expanding global footprint.
At the time, Tesla did not disclose specific details of its investment in the Mexican Gigafactory. However, Mexican officials noted that an investment of $5 billion is expected for the upcoming factory (currently about RMB 36.5 billion).
According to Reuters, Samuel Garcia said at a recent event that investment in the Mexican Gigafactory has increased and that “Tesla and its suppliers alone will bring in $15 billion over two years.”
He also noted that the money will require the state of Nuevo Leon to invest more in projects like highways and other public works.
Before Tesla announced a Gigafactory in Mexico earlier this year, established automakers such as BMW, General Motors and Ford signalled their intention to launch or intensify electric vehicle production efforts in the country. With Tesla on board, Nuevo Leon could become one of the centrepieces of the electric vehicle revolution.
Previous reports have suggested that Tesla’s Gigafactory in Mexico will begin producing electric cars in 2025. However, Tesla has yet to issue an official statement on the facility’s latest target timeline.