Mexico could be the loser in US elections
The outcome of the US elections could have a big impact on... Mexico, which was supposed to be the site of tens of billions of dollars of investment by electric car companies.
Bloomberg is reporting that Chinese EV maker BYD is postponing making a decision on locating a production facility in Mexico until after the US elections, which could impact tariffs and the continuation of trade deals like the United States-Mexico-Canada Agreement.
Tesla’s Elon Musk announced a similar move during the company’s Q2 earnings call, saying plans for Tesla’s Mexico Gigafactory were “currently on pause.”
“I think we need to see just where everything stands after the election,” Musk told investors. “Trump has said that he would put heavy tariffs on vehicles produced in Mexico, so it doesn't make sense to invest a lot in Mexico if that is going to be the case. So we kind of need to see where things play out politically.”
Of course, Musk has thrown his hat in the ring for Trump, whose politics are often at odds with the wellbeing of Musk’s businesses.
Tesla’s Elon Musk announced a similar move during the company’s Q2 earnings call, saying plans for Tesla’s Mexico Gigafactory were “currently on pause.”
“I think we need to see just where everything stands after the election,” Musk told investors. “Trump has said that he would put heavy tariffs on vehicles produced in Mexico, so it doesn't make sense to invest a lot in Mexico if that is going to be the case. So we kind of need to see where things play out politically.”
Of course, Musk has thrown his hat in the ring for Trump, whose politics are often at odds with the wellbeing of Musk’s businesses.
