Shanghai-based automaker SAIC plans to speculate $1bn constructing an meeting plant for its MG subsidiary in Mexico, native media report.
MG Motor Mexico’s president Zhang Wei introduced the transfer on Tuesday throughout celebrations to mark the corporate’s fourth anniversary.
MG is presently the eighth largest car-maker in Mexico, with a market share of three.7%.
Zhang mentioned Mexico was the second most vital marketplace for SAIC, and was changing into “the driving pressure behind a brand new period of progress and growth all through Latin America”.
The plant and an related analysis centre may have a manufacturing capability of 100,000 models a yr and can be constructed with an funding of $450m in infrastructure and $500m in tools.
The transfer comes regardless of US efforts to discourage Chinese language funding in Mexico.
In April, Mexican officers mentioned they might not provide tax or different subsidiaries for EV investments, and would pause conferences with Chinese language automakers.
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Additional studying:
- Foxconn to construct ‘very, very monumental’ Nvidia plant in Mexico
- Mexico’s new president has formidable plans for infrastructure
- Saint-Gobain buys fast-growing Mexican chemical substances agency for $815m
The submit China’s MG to construct $1bn automobile manufacturing facility in Mexico for Latin American push appeared first on World Development Evaluate.
