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Stephen Fa
Nov 01, 2022 7:43AM ET
No Obamacare taxes there
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U.S. automaker Ford opens $260 million campus in Mexico
Published Oct 31, 2022 11:18PM ET
© Reuters. FILE PHOTO: Ford logo is pictured at the 2019 Frankfurt Motor Show (IAA) in Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo/File Photo
MEXICO CITY (Reuters) - U.S. automaker Ford Motor (NYSE:F) Co opened its new global technology and business center on the outskirts of Mexico's capital on Monday after a $260 million investment.
The new campus will host business operations, global transformation activities and the largest engineering center in Mexico, according to a video shared by the company's Twitter account.
The campus, located in the municipality of Naucalpan, is set to host 9,000 employees working in a hybrid manner, splitting time between home and the campus, Ford Motor said in a statement.
Several foreign auto companies have expanded operations and announced new investments in Mexico this year.
In October, foreign automakers Volkswagen (ETR:VOWG_p) and Continental pledged major investments totaling nearly $1 billion, while earlier this year, Nissan (OTC:NSANY) announced an investment of $700 million over the next three years.
The influx of money from the automotive industry could continue in Mexico, after Jeep maker Stellantis reported to be looking to invest billions to make electric vehicles in the country and Tesla (NASDAQ:TSLA) Chief Executive Officer Elon Musk is considering investing in the country's north, according to sources consulted by Reuters.
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Comments (2)
JJ JJ
Nov 01, 2022 1:01AM ET
In Mexico! Disaster.
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