Tesla will build an electric vehicle (EV) plant in Mexico, the country’s president Andrés Manuel López Obrador announced on February 28. President Obrador confirmed the facility will be built in the north-eastern city of Monterrey, in the state of Nuevo León, ending weeks of speculation over whether the EV giant could strike a deal with Mexico’s authorities. 

To allay the government’s concerns about water shortages in the region, Tesla has agreed to a series of commitments including to use recycled water in the entire vehicle manufacturing process. In his statement Mr Obrador said the deal means “more investment and jobs, which leads to higher wages”. 


Tesla is expected to give further details on the nature of the plant’s operations in its first investor day on March 1.

BP to create green hub in Valencia

The UK’s BP will invest up to €2bn over the next seven years to create a green hydrogen cluster in Spain’s Valencia region. On February 28, the oil and gas major launched its HyVal project which will be located at its refinery in the city of Castellón.

In a statement dated the same day, BP said the cluster will “play an instrumental role” in decarbonising the refinery through green hydrogen, biofuels and other renewable energy operations. Andrés Guevara, president of BP Energía España, said the project aims to triple the refinery’s production of biofuels and develop up to two gigawatts of electrolysis capacity by 2030 for green hydrogen production.

Stellantis invests $155m in Indiana

European automaker Stellantis is investing $155m in three of its electric vehicle (EV) plants in the US state of Indiana. A statement on February 28 says the capital will expand its Indiana Transmission, Kokomo Transmission and Kokomo Casting plants which build electric drive modules for its EVs.


“While we continue our successful transition to a decarbonised future in our European operations, we are now setting those same foundational elements for the North American market,” said Stellantis CEO Carlos Tavares in the same statement.

Stellantis has now invested nearly $3.3bn in EV projects across Indiana since 2020.