“This investment is positive for the credit purposes of the state of Nuevo León, since it will increase its operating income through the collection of the payroll tax. Unlabeled federal transfers (participations) will also increase, although its effect will be consolidated in the medium term,” he said. Moody’s Local Mexico in a report this Thursday.
Elon Musk, owner of Tesla, announced on Wednesday the construction of an electric car assembly plant in the municipality of Santa Catarina, with an investment, according to federal government authorities, of close to 4.5 billion dollars (mdd).
Moody’s Local points out that banks will be one of the main beneficiaries of the nearshoring before the detonation of the demand for credit both from the new ones, as well as from the companies that are close to the location of the projects.
“In addition, it can increase the demand for other services such as currency intermediation and/or derivatives for greater activity in entities in the export sector, given the inherent focus on international trade that new and existing companies have in the country,” points.
The firm adds that Nuevo León has maintained GDP growth above the national average and has also been one of the states that receives the highest foreign direct investment (FDI).
“Nuevo León contributed 7.9% of the national GDP in 2021 and in the 2017-2021 period it received an average of 9.5% of FDI, with an average annual amount of 3.7 billion dollars. Tesla’s investment will continue to support the sustained growth of Nuevo León “., pointed out the rating agency.
