MG Motor – an automotive brand for China’s state-owned SAIC Motor Corp. – announced its intention to build an electric vehicle manufacturing plant and research center in Mexico. The value of the capital investment and its timeline were not revealed by MG Motor.
SAIC Motor is reported also to be planning to introduce its luxury EV brand called IM to the Mexican market.
The MG Motor proposal is the second example this year of a Chinese investor identifying Mexico as a production site for EVs, which is an issue that has riled U.S. automakers and elected officials concerned about the prospect of low-cost vehicles produced and marketed in the USMCA free-trade zone.
Reportedly, U.S. officials have leaned on Mexico to eliminate incentives to Chinese investors aiming to establish automotive production in the country.
As in the previous example, a plan by China’s BYD to establish EV production in Mexico, announced in February, MG Motor has indicated it plans to serve the domestic and Latin American markets with its output.
In its announcement an MG representative stated the proposed operation would “not only produce vehicles, but … also produce market intelligence specifically designed for and by Latin America.”
Mexico is also under consideration as an EV manufacturing locations for Tesla Inc., but recently CEO Elon Musk has said that the project would be reevaluated if former president Donald Trump regains the office and proceeds to impose tariffs on EV imports from Mexico, as he has claimed he would do.
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Publish date : 2024-08-09 03:42:00
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