2024-07-25 11:09:24
President Andres Manuel Lopez Obrador He accused businessman Elon Musk of speculating on Tesla’s plant in NL by putting the investment on hold.
This Wednesday, when questioned about Musk’s announcement to pause investment in Monterrey due to threats from Donald Trump that, if he becomes president of the United States, he would increase tariffs on cars manufactured in Mexico, López Obrador considered the threat to be unserious and said that:
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“They must have another business plan or they already did the business, Because these companies often do not produce, but rather speculate.. They release a piece of news and the stock market does very well, the share price increases and production takes a backseat.”
He even accused it of being an evil of these times, since speculation does not give “solidity to the progress of nations” because it is not a sign of prosperity, but rather of “making money without producing.”
And when questioned If the owner of “X” also engaged in speculationThe president emphasized that although the construction of the plant was announced some time ago, “no progress has been made, it has taken time.”
At the same time, he emphasized that the pause is because Musk wants to: “wait until the election in the United States is over to see if this will affect them in the event that President Trump wins, that is how I understand it.”
He stressed that the US has the capacity to produce the vehicles, not because of a lack of capacity, but because it would make prices more expensive for consumers, and he was confident that the construction of the plant would continue.
Likewise, López Obrador took the opportunity to distance his government and that of Samuel García from the decision of the owner of X Space; In the case of the governor of Nuevo Leon, he said “it is not his fault”.
On Tuesday, in a video conference with international media, the tycoon announced that he will halt the investment in the Tesla plant in Mexico, at least until the presidential elections in the United States are held in November.
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Musk said they first have to understand what happens with the possibility of imposing tariffs on electric vehicles, as proposed by Donald Trump.
“I think we have to see what happens with the election. Trump has said he will put tariffs on vehicles produced in Mexico. So it doesn’t make sense to invest a lot in Mexico if that’s going to happen.”
Musk had bet on Monterrey, Nuevo León, to open a new electric car plant with a huge investment of 5 billion dollarsbut the idea has been fading over the months. First, the hiring of personnel was closed and then the message was given that it would still take a long time to fully reach our country.
Apparently, the first low-cost electric vehicle would go into production at Musk’s Mexican plant in 2026, but now this project remains uncertain and perhaps a mere dream.
Jorge Arturo Gordillo Arias, director of financial analysis at CI Bancoreviewed that Elon Musk’s message is actually just a pause in the total arrival of his investment to our country.
“These doubts about investing in Mexico are not only due to Trump’s message, but also because several obstacles have been put in his way. However, it is necessary to emphasize that if he is postponing it, it is because he is not yet convinced of what can happen.”
He said this will not stop nearshoring, but it could spread to some other investments that decide to wait to see whether Donald Trump comes to power in November.
He added that in a certain way the T-MEC protects uswhether the Chinese assemble their cars here or not, which is the fear that the United States has, assembling them here in the country gives us access to enter the trade agreement, because that is how it is established.
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2024-07-25 11:09:24