• Home
  • News
  • Coins2Day 500
  • Tech
  • Finance
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
TechElectric vehicles

Tesla asked to start construction of Mexican factory ‘in March at the latest’ as Elon Musk frets about high interest rates, global economy

By
Amy Stillman
Amy Stillman
and
Bloomberg
Bloomberg
Down Arrow Button Icon
By
Amy Stillman
Amy Stillman
and
Bloomberg
Bloomberg
Down Arrow Button Icon
February 24, 2024, 3:20 PM ET
Tesla CEO Elon Musk hasn't been "full-tilt" on Tesla's Mexico plans.
Tesla CEO Elon Musk hasn't been "full-tilt" on Tesla's Mexico plans.Michael M. Santiago—Getty Images

Nuevo Leon Governor Samuel Garcia has asked Tesla Inc. To announce the start of construction soon of its planned factory in the Mexican state, national newspaper El Financiero reported.

“I asked Tesla to come by in March at the latest to make an announcement around laying the first stone and they didn’t tell me no,” Garcia said Saturday during the inauguration of a recreational project in the area of the La Huasteca ecological park in Santa Catarina, where Tesla plans to build its factory.

“I hope that very soon, in less than a month, the company will come,” he said.

Read more: Tesla-beating BYD and other Chinese carmakers using Mexico as back door poses ‘extinction-level’ threat to U.S. Auto sector, warns trade group

Construction of the Nuevo Leon factory, which had been slated to make Tesla’s cheaper next-generation vehicles, has been delayed due to Elon Musk’s misgivings about the global economy. Other problems, including permitting delays and a dearth of infrastructure, also have plagued the process.

Tesla plans to build a cheaper next-generation electric vehicle at the gigafactory, helped in part by $153 million in local government incentives. Musk requested last year that Nuevo Leon improve electricity, water and transportation in the region before it starts construction.

Musk said in October he wasn’t ready to go “full tilt” on the facility because of high interest rates. He also said that Tesla will produce its next-generation entry level vehicle in its Texas factory before its Mexican facility since the new plant won’t be ready in time.

Coins2Day Brainstorm AI returns to San Francisco Dec. 8–9 to convene the smartest people we know—technologists, entrepreneurs, Coins2Day Global 500 executives, investors, policymakers, and the brilliant minds in between—to explore and interrogate the most pressing questions about AI at another pivotal moment. Register here.
About the Authors
By Amy Stillman
See full bioRight Arrow Button Icon
By Bloomberg
See full bioRight Arrow Button Icon
Rankings
  • 100 Best Companies
  • Coins2Day 500
  • Global 500
  • Coins2Day 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Coins2Day Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Coins2Day Brand Studio
  • Coins2Day Analytics
  • Coins2Day Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Coins2Day
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Coins2Day Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Coins2Day Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.