Get 40% Off
💰 Buffett reveals a $6.7B stake in Chubb. Copy the full portfolio for FREE with InvestingPro’s Stock Ideas toolCopy Portfolio

Mexico's Nuevo Leon state gives Tesla $153 million in incentives for factory

Published 12/14/2023, 05:42 PM
Updated 12/14/2023, 06:00 PM
© Reuters. FILE PHOTO: An aerial view shows a part of the urban area in the state of Nuevo Leon, where Tesla could build a new electric car plant, in Monterrey, Mexico December 19, 2022. REUTERS/Daniel Becerril/File Photo
TSLA
-

MEXICO CITY (Reuters) -Mexico's northern state of Nuevo Leon approved $153 million in incentives for Tesla (NASDAQ:TSLA) as the carmaker prepares to build a factory, the state government said in a statement on Thursday.

The incentives, worth 2.627 billion pesos ($152.86 million) and approved by a state economic development council, include a reduction in Tesla's payroll tax.

The automaker in March announced plans for a new factory in Nuevo Leon without providing a timeline for construction.

The state government on Thursday said the total amount of the incentives equals about 3.37% of Tesla's total investment in the state.

The incentives are intended to create basic infrastructure and new roads to boost development in the area where the factory will be built west of the state capital Monterrey.

The Nuevo Leon government has estimated it will cost more than $5 billion but Tesla has yet to share a price tag.

Earlier this week, the state government said that Tesla has received land-use permits for the factory from Mexico's federal environment ministry, totaling 261 hectares (645 acres).

($1 = 17.1858 Mexican pesos)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.