Tesla's $5bn Mexican plant is set to become its largest facility, producing 1m electric cars a year

Tesla held Investor Day 2023 this week and announced the construction of a new plant in the Mexican state of Nuevo Leon. The new facility will be Tesla's largest production facility.

Here's What We Know

Elon Musk's company will invest $5 billion to build the Mexican plant and create 5,000-6,000 jobs. Over time, however, the amount of investment and the number of jobs will double.

The plant will be located 6 hours drive from Tesla's headquarters in Texas. The facility will occupy twice as much space as the Texas factory. This could have been understood some time ago, based on Tesla's activity in buying up land in Mexico.

The new factory will be able to produce 1 million electric vehicles annually. Tesla will produce vehicles in Mexico on the new platform, but no information is available yet. More details will emerge in three months when construction begins.

Source: CNBC