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Tesla Inc. will build a new factory in the Mexican state of Nuevo León with a reward of 2.63 billion pesos ($153 million) to ease concerns about delays in factory construction.
The government of Nuevo León said the incentives include infrastructure construction and lower payroll taxes. Tesla CEO Elon Musk had asked for improvements in electricity, water and transportation, and the state government agreed, but the factory still faced delays. The incentives came after Mexico’s environmental regulator approved land use permits.
Tesla plans to invest about $10 billion in phases, with an initial investment of $4.5 billion.
(Source: Bloomberg Image source: freepik)
