Tesla is moving forward on plans to build the Giga Mexico plant, but the company is not in a rush to do so because of worries about the global economy.
Tesla CEO Elon Musk adopted a rather pessimistic tone on Wednesday's third-quarter earnings call, and it was not just about the Cybertruck – the Giga Mexico plant was also mentioned in the same bleak context. While he said he wanted to 'temper expectations' about the Cybertruck, blaming the product's unique complexities for the slow production ramp-up, he was also cautious when talking about the company's future plant in Mexico.
Still, Tesla will push the accelerator once again if the situation improves, Musk reassured investors. 'If interest rates come down, we will accelerate,' he said in reference to the Mexico plant. Should Tesla need more capacity before Giga Mexico starts operating, Musk noted that the plant in Austin, Texas, has significant room to expand vehicle production.
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