German auto parts supplier Continental AG said on Thursday it would invest more than 52 million euros (US $59 million) in a new automotive electronics plant in Mexico.
The company will begin construction of the plant in Aguascalientes in mid-2019, the company said in a statement. Production will start in 2021, the company added.
Continental Mexico’s Periférico Plant plan manager, Carlos Huerta, informed that this production project will generate at least 1,000 new jobs in the next five years.
According to the announcement made in Aguascalientes, the manager of the Continental North electronics plan, Ned Recgamp, said that the announced investment is for the first stage of construction and introduction of machinery that will begin next year.
The German company expects its production to go 70% to the United States and the remaining 30% to Mexico.
With this plant, the company will add 25 complexes in the country and about 27,000 jobs in the initial stage.