The American EV maker Tesla announced yesterday that it’s next Gigafactory will be built in Monterrey, Mexico. The company’s CEO, Elon Musk, made the announcement at Tesla’s Investor Day event in Austin, Texas, where he also outlined its ‘Master Plan Part 3’, though there were few details other than about manufacturing processes, supply chain organization and software.
The Mexico plant will be Tesla’s sixth Gigafactory; it already has three in the US, one in China and another in Germany, along with another factory in California that’s not termed ‘Gigafactory’. With Mexico’s lower labour wages, it will be where the company’s upcoming smaller, more affordable electric vehicle will be built. The plant is expected to cost up to US$10 billion by the time it’s finished.
Investors were hoping to hear more about the new vehicle, which would slot in under the Model 3 and is expected to cost in the US$25,000 range. However, Tesla’s design chief Franz von Holzhausen said during the event that the Cybertruck pickup will be coming this year.