Tesla's building a new factory in Mexico

STORY: Tesla is going to build a new

assembly plant in northern Mexico

and a source tells Reuters the

deal is worth at least $1 billion

(Andres Manuel Lopez Obrador, Mexican President)

“We have an understanding. They will invest in Mexico, the factory will be built in Monterrey. They will help face the water scarcity with a series of commitments.”

The plant will be built in Santa Catarina

in the greater Monterrey area

Mexico's president said that he reached

a deal with Elon Musk by phone on Monday

“He was very receptive, he understood our concerns and accepted our proposals, which we will make public starting tomorrow. This will represent a considerable investment and many, many jobs.”