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Tesla CEO Elon Musk announced on Wednesday that the company will build its next Gigafactory in Mexico. The news came during the live Q and A sessions after Tesla\u2019s Investor Day event, where it has announced its Master Plan part three<\/a>.<\/p>\n<\/div>\n During the event, Musk revealed that the facility will be built in the Mexican state of Nuevo Le\u00f3n, which shares a small border with Texas \u2014 home of Tesla\u2019s Austin Gigafactory. Yesterday, Mexican President Andres Manuel Lopez Obrador\u00a0confirmed<\/a> the project will be built in the city of Monterrey, which is about 387 miles away from Tesla\u2019s headquarters in Austin.<\/p>\n<\/div>\n The announcement confirms earlier reporting that Tesla was planning its sixth Gigafactory in Mexico. Musk had reportedly toured three Mexican states<\/a> in December before settling on Nuevo Le\u00f3n. At the time, local newspaper Reforma<\/em> reported the company would announce an initial investment of $800 million to $1 billion. Reportedly it is expected to cost $10 billion at full maturity.<\/p>\n<\/div>\n A day ahead of Tesla\u2019s Q4 earnings call in January, the automaker announced it\u2019s investing $3.6 billion<\/a> into its first Gigafactory in Nevada. That facility will gain another 4 million square feet of manufacturing space for Tesla Semi and 4680 cell production. In totality, Gigafactory Nevada will cost Tesla $9.8 billion.<\/p>\n<\/div>\n