World’s 4th Richest Person, Carlos Slim To Enter EV Business With Mexican-Made Offering For 2018

7 months ago by Mark Kane 27

Nissan LEAF taxis in Mexico City to get some new competition from world’s 4th richest person

Giant Motors is in the process of developing an electric car that will be produced in Mexico, for Mexican consumers, in 2018.

Interestingly, the company is controlled by multi-billionaire, Carlos Slim’s financial services conglomerate, Inbursa.

Carlos Slim Helu – Chairman/CEO, Telmex and América Móvil. Age: 76, Net worth: $50.6 billion (via CBS News)

One imagines that if the venture is successful, we could see a new (and very strong player) in the EV business even outside of Mexico, as Carlos Slim is currently listed in 4th place on Forbes 2016: World’s Top 10 Billionaires list.  Slim is certainly in a position to revive Mexican automotive capabilities.

Elías Massri, Giant Motors’ CEO for Latin America told Forbes Mexico said:

“We are developing a new Mexican electric vehicle that will not only be assembled [in Mexico], but also designed and modeled to meet the needs of Mexican consumers,”.

Manufacturing of the Giant Motors’ EV to be conducted by a joint venture with Moldex (a subsidiary of Grupo Bimbo – the world’s largest bread maker).

A working prototype of the future EV will be shown off later this year, and be promoted in 2018, first as an all-electric taxi in Mexico city, where air quality is a major issue.

For now, Giant Motors (GM?) seeks both government funding and collaboration given the “green” and local cred of the project. On the collaboration side, Giant Motors announced late late month it has established alliance with Chinese company JAC Motors to manufacture vehicles in Mexico, in a deal worth about 4.4 billion peso ($214 million USD).

Carlos Slim – worlds’s 4th richest man

source: Forbes, Hat tip to Mike!

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27 responses to "World’s 4th Richest Person, Carlos Slim To Enter EV Business With Mexican-Made Offering For 2018"

  1. D Small says:

    This seems to go hand in hand with the fact that Mexico has increased the price of gasoline to reflect the market. Prior to this their would be much less interest in EV’s. Air pollution from cars and buses is a huge issue in Mexico City and EV’s can help but the bigger problem has been the lower emissions standards allowed in Mexico. Carlos Slim has the money to do this without a government subsidy but can’t blame him for trying to get someone else to pay for part of it.

  2. (⌐■_■) Trollnonymous says:

    Good for him!!!

  3. speculawyer says:

    I love the fact that building EVs has become the new sport of billionaires. That’s a way to spend that wealth that should hopefully foster more EV innovations that make EVs even better and even cheaper.

    1. MTN Ranger says:

      How do you make a small fortune in autos? Start with a large fortune!

      1. speculawyer says:

        Indeed. A lot of capital will be burned up. But as long as we get some innovations out of it that push the EV market forward, that is fine with me.

        As we say in Silicon Valley, you can tell who the real pioneers are because they are the ones with the arrows in their backs.

    2. Dav8or says:

      Carlos Slim is an opportunist. He sees this as an opportunity to play Mexico’s Elon Musk. He is no Elon Musk. He sees this as an opportunity to help a Chinese company get a foothold in North America by leveraging the “Hecho en Mexico” label. Both are swindles.

      No doubt there are some sweet tax breaks in there for him as well. Maybe even a carbon credit or two. Many will say, “Who cares??!! More EVs!!” but this guy is as big of a swindle as Donald Trump (only Slim actually knows how to run a business).

      Mexican green washing. I expect a fleet of Mexico City taxi cabs to be built and a lot of press, but that’s about it.

      1. Tavo says:

        Are you Mexican or American because sounds like jeloci

  4. Eduardo Pelegri-Llopart says:

    And there is the rest of the LATAM – Latin American – market. It’s a very large opportunity for Mexico.

  5. Yogurt says:

    The more EV makers the better…

    Giant Motors appears to currently be a manufacturing plant that makes trucks for the Chinese company FAW and recently signed a deal to make SUVs for the Chinese company JAC…
    Makes me wonder if they will be using a modified JAC car design…

    Mexico City is one of four who have commited to ban diesels so more EVs is good for them…

  6. SJC says:

    Conventional opinion seems to be China cars won’t come to the U.S. because of crash safety. If that is true then taking them to Mexico and other countries could make sense.

    1. Yogurt says:

      I dont beleive the newest Chinese cars have any problem with crash safety standards…
      And the first Chinese cars to come will probably be from Link and Co which are owned by Geely who also owns Volvo who co devoleped them so they could be better than most American or Japenese cars…
      US cars are not always good as the new Mustang only got 2 out of 5 stars in the European crash standards…

      1. SJC says:

        That is why I termed it “conventional opinion” which means it probably is wrong. I think it has to do with dealer network as well. Volvo has a dealer network.

    2. Pushmi-Pullyu says:

      “Conventional opinion seems to be China cars won’t come to the U.S. because of crash safety.”

      If the BYD e6 is any indication, then it’s not just crash testing that’s the barrier, it’s build quality in general. Third-world build quality, not first-world.

      But some (or at least one or two) have said that BYD has improved its build quality quite markedly in the last few years. I do expect BYD to make a real attempt to market a car in first-world countries within the next few years. I don’t regard the previous test marketing of the e6 in the USA to be a real attempt, or at least not much of one.

    3. Victor says:

      Conventional opinion in Europe is that American made cars are a bad drive quality. Just like conventional opinion on Chinese cars, opinion is not always fact.

  7. Mister G says:

    According to Bloomberg Business week periodical, Trump and Carlos Slim are negotiating construction of a natural gas pipeline that will provide natural gas to Mexican factories in order to lower costs in Mexico, however, most Americans have no clue about this deal because we are being distracted by Trump tweets and building the wall lol…Trump is laughing his arse off at how he can manipulate the daily news topic with a simple tweet.

    1. CLIVE says:

      G the tweet was from December!

      1. Mister G says:

        Yes and that’s when the pipeline negotiations took place.

  8. Hank S. says:

    “a subsidiary of Grupo Bimbo – the world’s largest bread maker”

    Instead of seats and airbags, the interior will be made of Bimbo bread. In the event of a recall or if it gets moldy, you will need to take your car to the nearest panadería.

  9. Jim Whitehead says:

    I am resisting bad jokes about how Mexican EVs could make electronic payoffs to cops and how Mexican autopilots always guide you into the US if you nod off.

    1. Ivg says:

      Not even funny, pleeze keep your day job.

  10. Pushmi-Pullyu says:

    Good luck and much success to Mr. Slim in his new EV venture! Every country needs EVs on the market, not just first-world countries and China.

  11. DonC says:

    Tesla was able to get into the car biz because the timing was right. It was the worst of times financially so the best of times to pick up manufacturing assets. That was then. This is now. Not going to work.

  12. bogdan says:

    Great idea, make chinese cars in Mexico and sell them in US.
    This guy knows how to make profits.

  13. Paulson Jose says:

    Entry of world’s 4th richest in to EV biz is really interesting!..

  14. Another (Euro) industrial point of view says:

    Indeed, nothing beats car industry (except perhaps air transport) to make a small fortune out of a huge one. If I had so many billions I would also feel lighter/better with a few less.

  15. Felipe says:

    I think it is about time something is getting done in Mexico. A lot of potential is in Mexico, and I am not saying there is none some where else! The point is that we need to improve the economy internally, and the only way of doing that is by making products and services with ino mexico, by Mexicans for Mexicans. There is plenty of a variety of food, materials, meet, etc… I hope this is the begging of a new Era for Mexico, I will support not only by words by acting, doing something about it!

  16. JOSE says:

    yo me preguto cuantos hya afuera habra que sepan o tengan el conosimiento que los carros pueden construirtse completamente autonomos .,NO gas NO agua NO SOL NO aire .unicamente 1 una o 2 BATERIS DE 12 voltios sabra EL Sr CARLOS Opudiera ser EL primero en promoverlo antes de++++.que DIOS LO PROTEJA