Tesla Gets Approval To Build Factory in North Mexico

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Mexican President Andres Manuel Lopez Obrador has given the go-ahead to Tesla to construct a plant in the north of Mexico, granting approval for the electric car company's plans. The president expressed his support for Elon Musk's ambition and stated that he is eager to witness the progress that this collaboration would bring about.

Lopez Obrador declared that he and Tesla's CEO, Elon Musk, had obtained a mutual understanding after holding a discussion on Monday. Additionally, the Mexican president noted that they spoke again during the past week.

Rumours have been abound for some time that Tesla might be heading to Mexico, and the facility is going to be a major focus of the Lopez Obrador government.

Mexico is seeking to gain an edge in near-shoring investment due to geopolitical tensions and the effects of the COVID-19 pandemic, presenting itself as a hub for producing goods closer to home. This could mean shifting manufacturing capacity away from Asia and closer to North America.

After Lopez Obrador had raised the alarm regarding the Monterrey investment on Friday, a call between him and Musk ensued. The president believed that Tesla comprehended the impediment of water deficiency and would be accepting several commitments as part of the arrangement.

This negotiation has been a noteworthy example of how investors reacted to Lopez Obrador's naturalistic patriotism, which has continued to cause unease among business entities.

Mexico saw its best foreign direct investment inflows in years in 2022, illustrating the country's appeal among businesses due to its low-cost and capable workforce that has secured its standing as an international hub for auto manufacturing.

Nevertheless, Lopez Obrador's quest to expand the state control of energy markets by diminishing private investments has hampered overall investment activity.

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