Musk confirms Tesla will build factory in Mexico

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Automaker Tesla’s newest factory will be about 136 miles from the Texas-Mexico border near the Mexican city of Monterrey.

Tesla CEO Elon Musk made the announcement about the new Monterrey Gigafactory at the company’s Investor Day event in Austin, Texas, on Wednesday.

“We’re excited to announce that the next Tesla Gigafactory will be in Mexico, near Monterrey,” Musk said.

Tesla’s (NASDAQ: TSLA) announcement follows months of speculation about the site of the company’s next electric vehicle factory, with officials in Mexico and China vying for the automaker’s business.

Tesla currently has auto assembly factories and auto parts production plants in California, Michigan, Nevada, Germany, the Netherlands and China.

On Tuesday, Mexican President Andres Manuel Lopez Obrador said he had spoken with Musk and they came to an agreement about Monterrey as the location of the next Gigafactory.

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Musk did not specify what vehicles the Monterrey site will produce, nor when it will open.

“I do want to emphasize we will continue to expand production at all of our existing factories, including California and Nevada, as well as in Shanghai,” Musk said. “We intend to increase production at all factories. So the Giga Mexico would be supplemental to the output of all the other factories. To be clear, we are not moving output from anywhere to anywhere. It is simply about expanding total global output.”

Officials with the Mexican government told Reuters on Wednesday that Tesla will create up to 6,000 jobs in Monterrey and is also considering producing batteries at the factory.

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