Tesla's Giga Mexico To Come Up In Double Quick Time? Tom Zhu Reportedly Sees It Outpacing Giga Shanghai's Commissioning Time

Tesla Inc. TSLA confirmed at its Investor Day held on Wednesday that its next Gigafactory would come up in Nuevo León, Mexico.

What Happened: The proposed factory in Mexico will likely come up in record time, beating the previous record set by the Giga Shanghai factory in China, Samuel Garcia, Governor of the Nuevo León, reportedly said, citing Tesla executive Tom Zhu.

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Tesla influencer Sawyer Merritt shared a video clip of the governor’s interview in the Spanish language.

The Governor reportedly said Zhu wants to break Giga Shanghai’s record of nine months from the start of construction to the first deliveries.

Why It’s Important: The Gigafactory Tesla plans to build in the northern border state of Nuevo León, near Monterrey city, would be worth over $5 billion and will likely be the biggest electric vehicle plant, Mexican officials reportedly said. The state of León shares a small part of its border with Texas, where Tesla’s Giga Austin is located.

Tesla CEO Elon Musk said at the Investor Day that the Mexican plant’s production would supplement the output of all its other factories. The company also said the new third-generation vehicles, supposedly the cost-competitive models, will roll out of the factory.

Price Action: Tesla stock ended Thursday’s session down 5.85%, at $190.90, according to Benzinga Pro data.

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