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VW To Invest $1bn To Boost EV Production, Focus on Banxico Minutes This Week

MEXICO
  • The business coordinating council, CCE, will hold a nearshoring summit starting at 1500GMT(1000ET), with Economy Minister Buenrostro, Carlos Slim and the energy and labour ministers amongst the speakers. No major economic data are in the domestic docket today, although January nominal wages may cross. Later this week, market participants will be focused on the minutes for the Banxico MPC meeting from earlier this month, when the central bank opened the door to a potential rate cut in March.
  • In other news, Volkswagen plans to invest around $1bn to boost its electric vehicle business at its existing operations in central Mexico, according to a Reuters report. This would be the company’s second investment for its EV business in central Mexico. Separately, local media reported that Audi’s unionised workers at its plant in Puebla state were due to have voted on a new pay proposal yesterday, after an agreement between all parties was reached.
  • Meanwhile, AMLO said on Friday that the government will pay for the assets purchased in the Iberdrola deal on Feb 26. The government and Iberdrola will begin the process of transferring the assets on Feb 27.
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