Tesla's 1st Made-In-Mexico Cars Could Roll Out Next Year, Says Official

Tesla Inc's TSLA first batch of cars made at Giga Mexico could start rolling out in 2024, a Mexican government official reportedly said on Monday.

What Happened: The electric vehicle maker led by Elon Musk is close to bagging final permits for factory construction in Nuevo Leon, the state's governor Samuel Garcia told Reuters in an interview.

"Once that's done, they can start, hopefully, this very month, in March," Garcia reportedly said. "I think by next year, in 2024, there will be the first autos."

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Garcia added that Tesla bought a large plot of land in Mexico so that they could expand to making chips and batteries.

Why It Matters: Tesla has already started hiring for various roles in Mexico, including managerial and associate positions across multiple designations.

The EV maker's China head Tom Zhu aims to complete the factory in Mexico in a record time of nine months from the start of construction to the first deliveries.

Earlier on Monday, Tesla lowered the prices of its Model X and Model S vehicles in the U.S. and reports suggested it would deploy its next-generation Superchargers in the Netherlands. 

Price Action: Tesla shares closed Monday down 2% at $193.81 before falling 0.4% in extended trading, according to data from Benzinga Pro.

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