Economy

Mubasher: An official at Tesla, the global electric car giant, said that the company is looking for local suppliers in Mexico as it prepares to build its first factory in the Latin American country, according to Bloomberg.

Eugenio Grandio, who is helping oversee a plan to build a factory in the northern Mexican state of Nuevo Leon to produce next-generation electric cars, said co-founder Elon Musk wants to work with local companies that can grow with Tesla.

“There will be a lot of opportunity and potential for companies from all over the world to come to Mexico, join us, and also create talent that can innovate to help us continue to grow,” he added during a panel discussion at an event hosted by the Mexican Stock Exchange in Playa del Carmen. .

Grandio, who previously worked at BMW Group Mexico, said he seized the opportunity to join Tesla when it entered his country for the first time. Initially to deploy charging stations across the country.

On the other hand, the investment company Wedbush Securities expected that Tesla’s deals with GM and Ford would contribute to an increase in the electric car company’s share by regarding 22%.

GM has entered into a partnership agreement with Tesla to use Elon Musk’s electric vehicle charging network and technologies in North America., according to “CNBC Arabia”, today, Sunday.

Wedbush raised its target price for Tesla stock for the next 12 months to $300 from $215 levels.

The company’s analyst Dan Ives said in a note last week reported by Insider that the announcement of a collaboration between Tesla and GM to expand the company’s charging network was a big step forward for Musk’s company.