- Asian markets mixed after Wall St drop, Shanghai dips before briefing
- Automaker Stellantis says CEO will retire in 2026
- Musk's promised robotaxi unveil delayed
- On US coast, wind power foes embrace 'Save the Whales' argument
- At least 10 dead in Florida after Hurricane Milton spawns tornadoes
- Internet Archive reels from 'catastrophic' cyberattack, data breach
- Wall Street stocks retreat from records on US inflation data
- Israel strikes central Beirut, killing 22
- Solar storm could impact US hurricane recovery efforts: agency
- Delta eyes Election Day travel pullback as profits climb
- Florida battered by hurricane, floods but spared 'worst-case scenario'
- UK's William and Kate in first joint public engagement since cancer treatment
- Over 200 women in legal talks with Harrods over Fayed abuse claims
- A very stiff breeze: BBC says sorry for 20,000 kph wind forecast
- Musk finally unveiling his long-promised robotaxi
- London's Frieze art fair goes potty for ceramics
- US, Europe stocks fall on US inflation data
- US consumer inflation eases to 2.4% in September
- Hurricane Milton tornadoes kill four in Florida amid rescue efforts
- South Korea's Han Kang wins literature Nobel
- Ikea posts fall in annual sales after lowering prices
- Stock markets diverge, oil gains after China rebounds
- World can't 'waste time' trading climate change blame: COP29 hosts
- South Korean same-sex couples make push for marriage equality
- Mumbai declares day of mourning for Indian industrialist Ratan Tata
- 7-Eleven owner restructures to fight takeover
- Sri Lanka recovering faster than expected: World Bank
- Hong Kong, Shanghai rally as most markets track Wall St record
- Uniqlo owner reports record annual earnings
- Hong Kong, Shanghai rally as markets track Wall St record
- Indonesia biomass drive threatens key forests: report
- Mumbai mourns Indian industrialist Ratan Tata
- China opens $71 bn 'swap facility' to boost markets
- Asian markets track Wall St record as Hong Kong, Shanghai stabilise
- 'Denying my potential': women at Japan's top university call out gender imbalance
- China's central bank says opens up $70.6 bn in liquidity to boost market
- Youth facing unprecedented wave of violence, UN envoy warns
- 'A casino in every kitchen': Brazil's online gambling craze
- Nobel chemistry winner sees engineered proteins solving tough problems
- Discord seen as online home for renegades
- US forecasts severe solar storm starting Thursday
- Ratan Tata: Indian mogul who built a global powerhouse
- One dead as storm Kirk tears through Spain, Portugal, France
- Indian business titan Ratan Tata dead at 86
- Fed minutes highlight divisions over rate cut decision
- Steve McQueen debuts new WWII film at London festival
- Nobel winners hope protein work will spur 'incredible' breakthroughs
- What are proteins again? Nobel-winning chemistry explained
- AI steps into science limelight with Nobel wins
- Overshooting 1.5C risks 'irreversible' climate impact: study
Tesla to make big investment in Mexico plant, government says
Elon Musk's electric carmaker Tesla will open a plant in northern Mexico, making a significant investment in the Latin American nation, Mexican President Andres Manuel Lopez Obrador announced Tuesday.
The move, which has yet to be confirmed by Tesla, would be a major boost to Mexico's hopes of benefiting from US companies choosing nearby countries over Asia for their manufacturing operations.
"The plant is going to be established in Monterrey," Lopez Obrador told reporters after speaking with Musk.
The factory was expected to be "very big" and would bring "a considerable investment and many jobs," he added.
He said the US company had promised to address the problem of water scarcity in Monterrey, an industrial powerhouse home to transnational firms a few hours' drive from the US border.
Musk "was very receptive, understanding our concerns," with measures expected to include the use of recycled water, Lopez Obrador said.
Tesla, which already has plants in China and Germany, as well as the United States, would announce more details soon, he added.
The company is due to hold its 2023 Investor Day on Wednesday, live-streamed from its gigafactory in the US state of Texas.
Mexico declared a drought emergency in July last year and authorities in parts of the country, including Monterrey, were forced to ration water use due to depleted reservoirs.
At the same time it hopes to benefit from the "nearshoring" trend of US companies moving their production closer to home instead of to Asia.
Last year, the Latin American nation was invited by the United States to join a multi-billion dollar push to boost semiconductor manufacturing to compete with China.
Mexico sees its lithium deposits as central to its goal of playing a major role in production of batteries for electric cars and other technology.
Last year, lawmakers approved a plan to put exploration and mining of the metal under state control.
The auto industry is already a key pillar of the Mexican economy -- the second-largest in Latin America behind Brazil -- home to US, European and Asian manufacturers.
Mexico is the world's seventh largest automobile producer with the production of three million vehicles in 2021, according to the latest available figures from the Mexican Automotive Industry Association.
The automotive industry represented 3.5 percent of gross domestic product (GDP) and 930,000 jobs in 2021, with foreign investment in the sector amounting to $5.3 billion that year, according to the organization
German manufacturer BMW recently announced a $870 million investment to produce electric cars in Mexico.
O.Hansen--CPN