New Mexico:
Electric vehicle maker Tesla Inc. will build a major new plant in the northern Mexican city of Monterrey, President Andres Manuel Lopez Obrador said on Tuesday, dispelling concerns his government could block the deal over water shortages.
The news gives a boost to Mexico, which is seeking to benefit from geopolitical tensions by attracting investment and eroding Asia’s dominant position in manufacturing industries.
Lopez Obrador said the two sides had reached agreement after a call with Tesla Chief Executive Elon Musk on Monday, following a separate conversation he said the two held late last week.
“This will represent a considerable investment and many, many jobs,” Lopez Obrador told reporters, saying Elon Musk had been receptive to Mexico’s concerns and accepted its proposals.
Speaking at a news conference, Lopez Obrador said Tesla would likely give more details of its plans on Wednesday.
The call between the two took place after Lopez …
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