Tesla <\/strong>and its suppliers are set to invest $15 billion in a Gigafactory in Mexico over the\u00a0 next two years, said Nuevo Leon Governor Samuel Garcia. The amount is three times greater than the figure reported previously by Mexican officials.<\/p>\nIn March, Elon Musk, CEO of Tesla, said that the company plans to open a gigafactory in northern Nuevo Leon state to expand its global footprint.<\/p>\n
At that time, Musk did not disclose the investment amount, but Mexican officials said the factory would require nearly $5 billion in investment.<\/p>\n
Per Reuters, Tesla and its suppliers will generate an investment of $15 billion in two years, said Garcia. He added that this amount will require the state to spend more on projects such as highways and other public works.<\/p>\n
Tesla hasn\u2019t yet disclosed the starting date of the Gigafactory\u2019s construction or the start of vehicle production in the same factory. Per one of Reuters\u2019 previous reports, the automaker has plans to start electric vehicle production in Mexico in 2025.<\/p>\n
Per the previous report, Tesla\u2019s $25,000 electric car and the robotaxi were supposed to be built on a next-generation platform. The platform was supposed to make its debut at Gigafactory Mexico, but that looks unlikely.<\/p>\n
Per Walter Isaacson’s recently released biography of Elon Musk, the company has now decided to shift the next-generation electric vehicle\u2019s (EV) initial build location from Mexico to Austin, TX. Therefore, development and initial production will now take place at the Texas Gigafactory.<\/p>\n
The main reason behind this shift in location is the engineers\u2019 unwillingness to relocate to a neighboring country to develop a manufacturing line while they need to be on the line to make it successful.<\/p>\n
Before Tesla\u2019s announcement, legacy automakers BMW, General Motors and Ford announced plans to start or step up EV production in Mexico as the industry transitions away from fuel-powered vehicles.<\/p>\n
Zacks Rank & Key Picks<\/h3>\n
TSLA currently carries a Zacks Rank #3 (Hold).<\/p>\n
Some top-ranked players in the auto space include Oshkosh Corp. <\/strong>and Gentex Corp.<\/strong>, each sporting a Zacks Rank #1 (Strong Buy).<\/p>\nThe Zacks Consensus Estimate for OSK\u2019s 2023 sales and earnings implies year-over-year growth of 15% and 126.9%, respectively. The EPS estimate for 2023 and 2024 has moved north by 23 cents and 18 cents, respectively, in the past 30 days.<\/p>\n
The Zacks Consensus Estimate for GNTX\u2019s 2023 sales and earnings indicates year-over-year rises of 17.3% and 29.4%, respectively. The EPS estimates for 2023 and 2024 have moved up by 9 cents each in the past 60 days.
\nTesla, Inc. (TSLA): Free Stock Analysis Report<\/p>\n
Oshkosh Corporation (OSK): Free Stock Analysis Report<\/p>\n
Gentex Corporation (GNTX): Free Stock Analysis Report<\/p>\n
To read this article on Zacks.com click here.<\/p>\n
Zacks Investment Research<\/p>\n
This article originally appeared on Zacks<\/i><\/p>\n
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Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Tesla TSLA, Oshkosh Corp. OSK and Gentex Corp. GNTX. Here are highlights from Wednesday\u2019s Analyst Blog: Tesla & Suppliers to Invest $15B in […]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"yoast_head":"\n
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