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Tesla Is Planning A $10 Billion Gigafactory In Mexico

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Tesla plans to build a new Gigafactory in Mexico's Nuevo Leon.

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The automaker may announce the new factory with an initial $800 million to $1 billion investment as early as Friday

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The factory will cost Tesla $10 billion once it is completed.

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This could be Tesla's most expensive Gigafactory. Comparatively, the company's Gigafactory Berlin cost approximately $5.5 billion.

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If the project is approved, it will be situated just outside Monterrey. It will initially be used for components of current vehicles.

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The plant could be used later to make a cheaper Tesla model. Elon Musk, the CEO, has promised but has yet to deliver this.

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In October, Musk met with Samuel Garcia, Nuevo Leon Governor, and Ken Salazar, the US Ambassador to Mexico.

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The border between northern Mexico and Texas is small. Texas is where another of Tesla's Gigafactories is located.

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