Samsung investing half a billion dollars in Mexico to increase production
Samsung continues to make significant investments to improve its manufacturing facilities across the globe. Much of the investments that it has made recently have been for setting up new chip production facilities. It has now set aside a decent chunk of money to increase the production of other products as well.
Mexico is one of the many countries where Samsung has manufacturing facilities. It primarily makes home appliances at the factory in Mexico. The company will now invest a significant sum of money in the country to increase production.
Samsung also makes TVs in Mexico
Marcelo Ebrand, the foreign minister of Mexico, has announced that Samsung will be investing $500 million in his country to boost the production of home appliances. He added that the investment will be made in Queretaro in central Mexico. Ebrand added that he has already met with Samsung Electronics CEO Han Jong Hee to discuss the specifics of this investment.
The company already operates a TV assembly plant in Tijuana, Mexico, with an annual output of around 19 million units. This plant is important to Samsung’s overall television strategy in North America. Units from the Tijuana factory are sold across the continent which also happens to be one of Samsung’s biggest TV markets.
So it’s not surprising to see that Samsung is willing to make additional investments in Mexico to further increase production and improve the competitiveness of its products on price. Having Mexico has a manufacturing base enables Samsung to effectively cater to the entire North American market.
En reunión con Han Jong-Hee, CEO de Samsung Electronics, quien me confirma inversión de 500 millones de dólares en Querétaro y Tijuana para aumentar producción de electrodomésticos en México. Samsung llegó a nuestro país a fines de los 80 y es un socio confiable y productivo!! pic.twitter.com/GwwvdysrQn
— Marcelo Ebrard C. (@m_ebrard) July 5, 2022
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