Tesla Gigafactory Mexico expected to be announced in the coming days
Tesla Gigafactory Mexico is expected to be announced in the coming days as more details about the deal are coming to light.
Earlier this year, people crossing the border between Texas and Nuevo Leon were surprised to see not just the usual marked lanes for cars and trucks, but also one marked “Tesla” (pictured above).
We ended up finding out that Tesla had struck a deal with the state of Nuevo Leon to have its own lane at the border crossing in order to reduce wait times for cargo going through the border – or at least that was the explanation of Ivan Rivas, the economy minister of Nuevo Leon.
While it’s true that Tesla has several suppliers in the state, as we reported at the time, we suspected that the move might have more to do with Tesla potentially investing in a factory in the state.
Earlier this year, we reported on CEO Elon Musk confirming that Tesla is considering sites for a new factory in Canada, Mexico, and the United States when discussing its next plant in North America.
In October, rumors of a Tesla factory in Mexico ramped up as Tesla CEO Elon Musk visited the state and met with the governor. Local media reported that Tesla was particularly interested in a location in Santa Catarina, a municipality just outside of Monterrey.
Following the visit, the government confirmed discussions of a possible investment in the state.
Last week, a deal to bring a Tesla factory to Mexico was reportedly achieved with an announcement expected within the next month.
Now another local report in Mexico states that the announcement could come as soon as Friday and includes more details about the project.
According to the report, Tesla plans to first invest $800 million to $1 billion into the factory outside of Monterrey, with the goal first of producing parts to supply other factories and then eventually producing full vehicles at the factory.
Over time, Tesla could invest several billion dollars into what is likely to be known as Tesla Gigafactory Mexico.
As we previously reported, in order for Tesla to achieve its goal to ramp up its global production to 20 million vehicles annually by the end of the decade, the company needs to have 12 Gigafactories, which means it needs to announce eight new ones within the next few years.
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Environment
Tesla hires celebrity ambassador despite Elon Musk saying they don’t pay for endorsements
Tesla has hired a celebrity ambassador, a departure from Elon Musk’s policy of not paying for celebrity endorsements.
Musk has often bragged about the fact that Tesla doesn’t pay for celebrity endorsements in contrast to other automakers who hire celebrity brand ambassadors to promote their cars.
Much like advertising, Musk seems to be abandoning this strategy.
Tesla announced that it hired Olympic shooter Kim Ye-ji, whose performance at the Paris Olympics this summer went viral, to be the automaker’s brand ambassador in Korea.
Kim said about her new partnership with Tesla:
I’m very excited to work with Tesla, who have recognized me. I hope to convey a positive message together with Tesla.”
Here are a few pictures released to announce her new partnership with Tesla:
Kim’s agency said that her relationship with Tesla started from CEO Elon Musk tweeting about her viral performance at the Olympics:
“The relationship between Kim Ye-ji and Tesla developed after Elon Musk mentioned her. The company said that Kim is Tesla Korea’s first brand ambassador.”
She is not only Tesla Korea’s first ambassador, but she is the first known paid celebrity ambassador for Tesla globally.
The policy change is not entirely surprising since the policy of Musk not paying celebrities to endorse Tesla’s products was often attached to the automaker’s strategy not to advertise.
Musk went as far as to say that he “hates advertising,” and Tesla started advertising last year.
The change in strategy coincidently, or not, came after Musk bought Twitter, a company relying on advertising, and Tesla even started to advertise on Twitter, now called X.
Tesla sales in Korea haven’t been amazing, but the country’s auto market greatly favors domestic brands. The American automaker does fairly well for a foreign brand with the Model Y becoming the best-selling imported vehicle in Korea during the first half of 2024.
Although, it amounted to just over 10,000 units.
Electrek’s Take
It’s a change of strategy, and Elon certainly can’t claim that Tesla doesn’t pay for celebrities to endorse its products, but it is probably a smart move due to the fact that Koreans prefer domestic brands.
Kim could help create a deeper level of attachment to the Tesla brand, but I don’t really know. I’m just speculating.
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Kia just broke its October sales record as its impressive US sales run continues. After another record-breaking month, Kia said the growth is fueled by “strong demand” for its electric vehicles.
Kia sets new October sales record in the US
Kia sold 69,908 vehicles in the US last month, up 16% from its previous October sales record in 2023.
According to Kia, higher demand for its electric models is charging up sales in the US. Kia’s electrified sales (EVs, PHEVs, and HEVs) reached its highest ever in October.
All-electric vehicles (EVs) led the way, with sales surging 70% year-over-year (YOY). Plug-in hybrid (PHEV) and hybrid (HEV) sales were up 65% and 49%, respectively, from October 2023.
Kia’s first dedicated electric model, the EV6, set a new October sales record with 1,941 units sold. Through the first ten months of 2024, Kia has now sold over 17,700 EV6 models in the US. Meanwhile, its first three-row electric SUV, the EV9, continues to defy expectations.
With another 1,941 models sold last month, Kia EV9 sales reached 17,911 through October. That’s even more than the EV6 despite costing +$12,000 more.
Kia’s first US-made EV9 rolled out of its West Point, GA plant this summer. Although the EV9 is expected to qualify for the full $7,500 federal tax credit next year, Kia is matching it for now through incentives.
Next year, we will also finally see the EV9 GT, which Kia promises will have “enormous power.” Ahead of its official debut, we got our first look at the sporty electric SUV with an active spoiler last month.
| 2025 Kia EV9 Trim | Starting Price* |
| Light Standard Range | $54,900 |
| Light Long Range | $59,900 |
| Wind | $63,900 |
| Land | $69,900 |
| GT-Line | $73,900 |
Earlier this month, we learned that the 2025 EV9 will start at $54,900 (not including the destination fee), which is only $700 more than the 2024 model.
With prices dropping to potentially under $50,000, Kia’s three-row electric SUV is a steal. If you’re ready to experience the EV9 for yourself, we can help you get started. You can use our links below to view deals on Kia’s electric vehicles in your area.
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The outcome of the U.S. presidential election on Nov. 5 won’t affect oil production levels in the short- to medium term, Exxon CEO Darren Woods told CNBC on Friday.
Former President Donald Trump has called for unconstrained oil and gas production to lower energy prices and fight inflation, boiling his energy policy down to three words on the campaign trail: “Drill, baby, drill.”
“I’m not sure how drill, baby, drill translates into policy,” Woods told CNBC’s “Squawk Box” Friday after the largest U.S. oil and gas company reported third-quarter results.
Woods said U.S. shale production does not face constraints from “external restrictions.” The U.S. has produced record amounts of oil and gas during the Biden administration.
Over the past six years, the U.S. has produced more crude oil than any other nation in history, including Saudi Arabia and Russia, according to the Energy Information Administration.
Output in the U.S. is driven by the oil and gas industry deploying technology and investment to generate shareholder returns based on the break-even cost of production, the CEO said.
“Certainly we wouldn’t see a change based on a political change but more on an economic environment,” Woods said. “I don’t think there’s anybody out there that’s developing a business strategy to respond to a political agenda,” he said.
While shale production has not faced constraints on developing new acreage, there are resources in areas like the Gulf of Mexico that have not opened up due to federal permitting, the CEO said.
“That could, for the longer term, open up potential sources of supply,” Wood said. In the short- to medium term, however, unconventional shale resources are available and it’s just a matter of developing them based on market dynamics, he said.
Exxon Mobil shares in 2024.
The vast majority of shale resources in the U.S. are on private land and regulated at the state level, according to an August note from Morgan Stanley. About 25% of oil and 10% of natural gas is produced on federal land and waters subject to permitting, according to Morgan Stanley.
Vice President Kamala Harris opposed fracking during her bid for the 2020 Democratic presidential nomination. She has since reversed that position in an effort to shore up support in the crucial swing state of Pennsylvania, where the natural gas industry is important for the state’s economy.
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