According to media reports, a recent report revealed that Tesla acquired four plots of land in Rancho El Carvajal, Santa Catarina, Nuevo León, Mexico, for approximately $98.7 million. The land was purchased from the grandchildren of former Nuevo León governor Lázaro Garza González. The total area of the land is 1,194 hectares.
The largest plot of land covers 644 hectares and was purchased for $53,210,703; another large plot measures 544 hectares and cost $44,906,243. The remaining two smaller plots are 6 hectares and 0.15 hectares in size, priced at $576,024 and $13,002, respectively.
A report by Milenio noted that Tesla acquired the land through Ecological Project Mario LLC, a company managed by former Tesla executive Eugenio Grandio de la Torre.
The transaction was officially registered on March 9, 2023, with local notaries and registrars completing the necessary legal formalities. The acquisition was secured by Armour Secure Insurance, which is backed by Lloyd's of London.
Although Tesla has temporarily shelved its plans for a Mexico Gigafactory, the purchase of the land still represents a significant investment for the company. This move underscores Tesla's intent to expand its manufacturing capacity.
Initially, Tesla planned to produce low-cost vehicles at its Mexican Gigafactory. So far, the company's lowest-cost vehicle released is the self-driving taxi model Cybercab, which was unveiled during the "We, Robot" event in October 2024.
However, the Cybercab is expected to begin production in the second half of 2025 at Tesla's Gigafactory in Texas, USA. Tesla CEO Elon Musk stated during the company's Q3 2024 earnings call that mass production of the Cybercab could start in 2026. Tesla's initial goal is to produce at least 2 million Cybercabs globally each year, with the possibility of reaching 4 million, suggesting the need for a dedicated production facility for the model.
Musk also reiterated in the call that all of Tesla's future vehicles will be fully autonomous, expressing his hope that other Tesla models will also achieve full self-driving capabilities.
