On Monday, Quanta Computer, an electronics manufacturer headquartered in Taiwan, announced its plan to invest $1 billion in the Mexican state of Nuevo Leon. This decision was confirmed by both the company and the local government.
Governor Samuel Garcia of Nuevo Leon initially disclosed the investment in a Twitter video, wherein he mentioned that it would result in the generation of 2,500 employment opportunities.
Addressing from Quanta Computer's headquarters in Taiwan, Governor Garcia emphasized that the investment showcased the potential of "nearshoring" and symbolized the flourishing economic prospects within the state.
According to Pedro Campa, Quanta's Vice President of Manufacturing Operations in Mexico, this announcement builds upon the existing 2,500 jobs that have already been created and the nearly $500 million that Quanta has already invested in Nuevo Leon, as he informed Reuters.
Campa did not specify where the money will be used.
A representative for Nuevo Leon acknowledged that the investment will enable Quanta to extend its current business operations there.
As a supplier to Tesla, Quanta Computer is associated with the renowned electric vehicle manufacturer. Notably, earlier this year, Tesla revealed its plans to construct a new $5 billion factory in Monterrey, Mexico's third-largest city and a prominent industrial hub.
Garcia met with representatives of Foxconn, a significant supplier to Apple (AAPL.O) and a Taiwanese electronics company, earlier on Monday. Foxconn has been promising a "big announcement" soon on Twitter.
In a statement, Foxconn acknowledged that Governor Garcia provided a comprehensive overview of the state's environment and opportunities for electric vehicle development. The company further stated that any additional information regarding their plans would be disclosed at a later date.
Nothing more was disclosed.
Foxconn, best known for producing iPhones, hopes to dominate the EV market as it looks to diversify its source of income.
The business, which already operates factories there mostly producing computers and televisions, has previously identified Mexico as a potential location for the production of electric vehicles.