Tesla (TSLA) Investor Day: the next Gigafactory will be built in Mexico, Elon Musk

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One of the most important announcements from last evening’s Tesla (TSLA) Investor Day presentation was the announcement of the electric automaker’s next big factory. Tesla CEO Elon Musk revealed that the next Gigafactory will be built in Mexico.

“Yeah, we’ll have a, you know obviously have a grand opening and groundbreaking and what not but we’re excited to announce that the next Tesla Gigafactory will be in Mexico near Monterrey,” Elon Musk said just before the start of the Q&A session of the Investor Day yesterday. “So, super excited about it,” he added.

Before yesterday’s Investor Day, the President of Mexico Andrés Manuel López Obrador already broke the news of Tesla’s new factory coming to his country. According to a Mexican government official, Tesla plans to invest $5 billion for the development of its ultra-large new factory in Mexico, Reuters reported.

Video: Tesla CEO Elon Musk announcing that Tesla’s new Gigafactory will be built in Mexico. Credit: Courtesy of Tesla, Inc.
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Elon Musk’s announcement was accompanied by the following concept image of Gigafactory Mexico. The theme of Giga Mexico of course follows the same design pattern as other Tesla Gigafactories.

Concept design of Tesla's next Gigafactory to be built in Mexico.
Concept design of Tesla’s next Gigafactory to be built in Mexico. Announced on Tesla (TSLA) Investor Day 2023.

The Mexican city of Monterrey which is going to be home to the new South American Giafactory is located in the state of Nuevo León. We reported the visit of Tesla’s Elon Musk to Monterrey in November last year.

Musk met with the Governor of Nuevo León and several other government officials of the state during this visit. This sparked strong rumors of a Gigafactory coming to Mexico, and yesterday it was finally officially confirmed from both sides.

Elon Musk also cleared any doubts in the minds of investors present both live at Giga Texas and online that Giga Mexico will supplement Tesla’s global production. And that the automaker is not shifting any production load away from either the Fremont factory or Giga Texas.

“To be clear, this is not moving output from anywhere to anywhere it’s simply about expanding total global output,” Musk stated.

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If we closely look at the above Gigafactory Mexico concept design image, we see that there is an easily-visible easter egg, the tagline saying “Manufacturing Next Gen Vehicle”. This perhaps is referring to the smaller and more affordable Tesla hatchback that the company is wanting to build for a long time.

In 2020, when Tesla started preparing to build Giga Berlin, Elon Musk hinted that a new Tesla Design Center will be made at this location and the primary task of this studio would be to create the Tesla hatchback EV.

However, the impact of Investor Day on Tesla’s stock price hasn’t been very positive. A TSLA share at the time of this writing (around 12:30 ET) is trading at $190 which is slightly lower than yesterday’s close of $191.30.

Let us know what you think about this in the comments section below.

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Iqtidar Ali
Iqtidar Alihttp://www.teslaoracle.com
Iqtidar has been writing about Tesla, Elon Musk, and EVs for more than 3 years on XAutoWorld.com, many of his articles have been republished on CleanTechnica and InsideEVs, maintains a healthy relationship with the Tesla community across the Social Media sphere. You can reach him on Twitter @IqtidarAlii

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