Tesla is reportedly planning to invest $5 billion to build an electric car factory in Mexico, according to Mexican Deputy Foreign Minister Martha Delgado. This would mark the first official cost estimate of the project, which is expected to be revealed by Tesla at its investor meeting on March 1.
Mexican President Andres Manuel López Obrador has already confirmed that Tesla will build the factory in Nuevo Leon state, which borders Texas. The factory will help Tesla expand its production capacity as demand for electric vehicles continues to grow worldwide.