LatinNews Daily - 30 July 2026

*Mexico’s President Claudia Sheinbaum has announced that South Korean car manufacturer Kia will invest US$649m in Mexico between 2026-2028 to produce and sell fully electric vehicles in the country. During Sheinbaum’s morning press conference in which she made the announcement, Economy Minister Marcelo Ebrard said that the investment represents an effort to produce more vehicles in Mexico for the domestic market and for export while Horacio Chávez, the managing director of Kia México, said that it was the first time that the company would both manufacture and sell fully electric vehicles. Ebrard said that production will start on 4 August in the Kia plant in Pesquería municipality, Nueva León state, creating an initial 500 jobs this year and 1,500 more between 2027 and 2030. The investment comes amidst the renegotiation of the US-Mexico-Canada Agreement (USMCA), which the US recently opted not to renew for another 16 years. Sheinbaum said that while her government is seeking the “best relationship possible” with the US, it is also seeking to diversify exports and attract more investment from other countries, citing the example of the modernised trade deal with the European Union (EU). The announcement comes as Japanese carmaker Toyota Motor Corporation announced earlier this month that it was moving some truck production from Mexico back to the US.

End of preview - This article contains approximately 218 words.

Subscribers: Log in now to read the full article

Not a Subscriber?

Choose from one of the following options

• Subscribe
• Sign up for a one-time, 14-day trial