FORBES: Tesla will build its latest factory in Monterey, Mexico, the country’s president announced Tuesday, as Elon Musk ramps up worldwide production to reach the firm’s production goal of 20 million electric vehicles per year by 2030.

The new facility will be “a considerable investment” with many jobs, according to President Andrés Manuel López Obrador, who did not offer specifics on the size or scope of the facility, but did say Tesla would announce further details Wednesday.

The electric car company could need an additional 10 to 12 production facilities, Musk said last year, on top of existing facilities—California, Nevada, Texas, New York, China and Germany—in order to ramp up production from the 1.3 million cars it produced in 2022 to the 20 million the company says it wants to produce annually by 2030.

Editor’s Note: Click here to read the full story by reporter Ana Faguy in Forbes.

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