New Tesla Plant Gets Go Ahead In Mexico: What You Need To Know

Mexico President Andrés Manuel López Obrador announced on Tuesday that Tesla Inc TSLA is committed to opening a new plant in the northern part of the country, according to Voa News. 

The new facility will be Tesla’s third international plant, joining Shanghai and Berlin. 

Originally, Obrador was hesitant to green-light the Tesla plant amid concerns about water usage. But, Tesla and its CEO Elon Musk assured Obrador that water usage would not be an issue, and said it will use recycled water. 

While both Shanghai and Berlin’s Tesla plants produce cars, it has not been announced exactly what the Mexican plant will produce. The president said it wasn’t clear yet if Tesla will produce batteries at the plant. 

See Also: Why Some Tesla Customers Are Considering Canceling Vehicle Deliveries Ahead Of Investor Day

Tesla’s Investor Day will kick off on Wednesday, so there’s a good chance that Musk talks about the Mexico plant and what the exact plans are.

Earlier in the year, Musk hinted at “Master Plan 3,” his vision for the future of the company. 

Tesla’s stock has been hot throughout the past few weeks, trading up nearly 100% from its lows in January. Investors will look forward to Musk’s updates regarding Cybertrucks and other key parts of the business, like recent price cuts.

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