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Is this news??? A country with cheap labor next to the largest GDP country can make cars for them? Not ship them across the Oceans? Who would have thunk?
Chinese labor is expensive nowadays. Mexicans in contrast are twice as productive but cost 1/3 less, in general.
Mexico is a failed narco state and shithole. US money going to Mexico for products in lieu of China is a huge win and can only make things better in Mexico.
MG with a projected capital investment between $1.5 billion and $2 billion.
BYD with an initial investment of "hundreds of millions of dollars"
Chery with undisclosed capital investment plans
Another major Chinese battery manufacturer announced plans for a staggering $12 billion for a battery plant in Mexico. All these investments are great news for the Mexican economy. Mexico is also the largest trading partner of the U.S. in the world. US government officials are quite concerned about this major Chinese investment so close to the U.S. Under certain circumstances, all the electric vehicles produced by Chinese car companies in Mexico could qualify for US tax credits to purchasers of these vehicles.
I love competition. This will make everyone work harder and put out better products at lower cost.