F - Ford Stock Drops as Automakers Are Expanding Their Presence in Mexico in Support of EV Ambitions
Ford stock was slightly down on Tuesday in spite of the $260 million new global technology and business center for Ford Motor Company ( NYSE:F ) having been formally inaugurated . The largest engineering center in Mexico as well as business operations and activities involving global transformation will be housed on the new campus. A hybrid work environment will be used on campus by around 9,000 employees, according to the manufacturer.
The number of major automakers expanding in Mexico is not just Ford’s ( NYSE:F ). Significant investments have already been made by Volkswagen ( OTCPK:VLKAF ) and Nissan ( OTCPK:NSANY ), while Elon Musk, the CEO of Tesla (NASDAQ:TSLA), is rumored to be considering investing in the northern region of Mexico and Stellantis is reportedly looking to invest billions to produce electric vehicles there.
Automakers are planning for strategies to ensure that their electric vehicles qualify for the EV tax credit in addition to attempting to cut costs by establishing operations or manufacturing in Mexico. A qualifying electric vehicle (EV) must be manufactured in North America in order to qualify for the tax credit under the Inflation Reduction Act. In order to meet the requirements, many automakers will have to move their EV production to plants in the United States, Mexico, or Canada.
Developments Likely to Influence Ford Stock
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