Tesla CEO Elon Musk introduced on Wednesday that the corporate will construct its subsequent Gigafactory in Mexico. The information got here in the course of the reside Q and A periods after Tesla’s Investor Day occasion, the place it has introduced its Grasp Plan half three.

Throughout the occasion, Musk revealed that the power might be constructed within the Mexican state of Nuevo León, which shares a small border with Texas — dwelling of Tesla’s Austin Gigafactory. Yesterday, Mexican President Andres Manuel Lopez Obrador confirmed the mission might be constructed within the metropolis of Monterrey, which is about 387 miles away from Tesla’s headquarters in Austin.

The announcement confirms earlier reporting that Tesla was planning its sixth Gigafactory in Mexico. Musk had reportedly toured three Mexican states in December earlier than deciding on Nuevo León. On the time, native newspaper Reforma reported the corporate would announce an preliminary funding of $800 million to $1 billion. Reportedly it’s anticipated to value $10 billion at full maturity.

A day forward of Tesla’s This fall earnings name in January, the automaker introduced it’s investing $3.6 billion into its first Gigafactory in Nevada. That facility will acquire one other 4 million sq. toes of producing house for Tesla Semi and 4680 cell manufacturing. In totality, Gigafactory Nevada will value Tesla $9.8 billion.