Billionaire Carlos Slim to launch a Made-In-Mexico electric car

Lebanese -Mexican tycoon Carlos Slim  Helu
Lebanese -Mexican tycoon Carlos Slim Helu
At a time when American auto giants are under pressure to bring back production from Mexico to the U.S., Mexican billionaire Carlos Slim Helu is planning an expansion of his modest presence in Mexico’s auto industry. Giant Motors, controlled by Slim’s financial services conglomerate, Inbursa, is in the process of manufacturing a made-in-Mexico electric vehicle with plans to launch it commercially next year, Forbes Mexico reported.

“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,” Elías Massri, Giant Motors’ CEO for Latin America told Forbes Mexico.

The vehicle, which will be designed by Giant Motors, will be manufactured in a joint venture with Moldex, a subsidiary of Grupo Bimbo, a Mexican-based multinational which is the world’s largest bread maker.

Giant Motors expects to complete a working prototype late this year to be able to market it in 2018. The company said it plans to introduce the car as an electric taxi in Mexico City, the nation’s densely populated capital where air pollution is a continuing concern.
Giant Motors will seek government funding and collaboration to help promote it as an environmentally-sound alternative.

Last week, Slim’s Giant Motors announced a 4.4 billion peso (around US$215 million), alliance with Chinese auto maker JAC Motors to manufacture vehicles in Mexico’s central state of Hidalgo.

JAC, or Jianghai Automobile Company, builds both trucks and passenger vehicles and has had a presence in Mexico since 2007.

Slim’s Inbursa will be the principal shareholder in the venture.

Grupo Bimbo, maker of Entenmann’s, Thomas’ English Muffins, Mrs. Baird’s breads and the Sara Lee brand (which Grupo Bimbo purchased in 2011), was co-founded in 1954 by Lorenzo Servitje.

Lorenzo Servitje, 98, passed away on Friday. The Mexican press reported that his funeral was attended by a number of Mexican billionaires and businessmen, including mining tycoon Alberto Bailleres and Grupo Carso Chairman Carlos Slim Domit (Slim Helu’s eldest son), as well as Mexican President Enrique Peña Nieto, among other prominent business and political figures.

Daniel Servitje Montull, Lorenzo Servitje’s son, is Grupo Bimbo’s Chairman and CEO.

FORBES

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    • Arzna

      Necessity is the mother of invention . I think Trump’s wall will be a blessing in disguise for Mexico. Carlos Slim’s fortune coupled with Mexican labor can help Mexico become truly independent and Trump won’t be able to bully them anymore. It takes a Lebanese expat to stand up to Trump.

      • vs

        We see China business is not building border with Mexico)

        • Arzna

          Communist China is leading the “free trade” world now thanks to Trump’s bullying

          • vs

            Can Trump with Putin and Venezuela and China help make USA communist also?
            I believe good communism will win in the end its rival capitalism)

          • Arzna

            Is there any such thing as good communism? Having personally been to all the 3 counties you listed I know for sure they don’t qualify . I remember 1 joke I heard one time during a visit to East Berlin when it was still under Communism :
            What will happen if the Berlin wall collapses . The answer was : All the Germans in East Berlin will escape to West Berlin except Walter Ulbricht , the East German leader . The second question why ? and the answer ” If he went there they will kill him “

          • vs

            may be good socialism ( I remember 1 joke “any -ism has negative meaning except of onanism”) There is a problem with realisation of communist m.b. good idea (“Geniuses prepare revolution, romantics make it and the rascals – enjoying the fruits”) I think any society can combine socialism with capitalism but we have also tribalism and barbarism society

          • Arzna

            A system that blends moderate Capitalism and Socialism could be the answer but as the experiment in Sweden has shown, it is not that easy to apply and make it work. Sweden has been drifting more to the right . The biggest problem for Socialism is the total dependence on government , while the biggest problem for Capitalism is the total dependence on the private sector . I think in certain areas we need to have some government control , but when it comes to the economy the private sector is so much more efficient and can grow the economy faster . China tried to blend the authoritarian politics and capitalist economics , but frankly after hearing some horrible stories from Chinese couples last year (during a visit to the main cities in mainland China) about the government’s involvement in their lives I decided against their system too

          • vs

            The biggest problem for (Soviet) Socialism was: system, bureaucrat knows better than citizen what he wants

            Lebanon i think is more tribalism, feudalism, not yet much socialism or capitalism. But in “developed” society we have also civil war with leftists, defenders of canibals-terrorists, barbarians – bureaucracy of liberal fundamentalism

          • Arzna

            The biggest problem for Soviet Socialism was actually three things…Corruption… Corruption…. .Corruption. The guys at the top didn’t believe in socialism and were living like the billionaires in the west . While Brezhnev was a collector of luxury cars, the average Russian had to wait after paying cash for a regular car 10 years to get it delivered. Mikhail Gorbachev realized that and knew this could not continue . Gorbachev’s policies of glasnost (“openness”) and perestroika (“restructuring”) and his reorientation of Soviet strategic aims contributed to the end of the USSR. Under this program, the role of the Communist Party in governing the state was removed from the constitution, which somehow led to crisis-level political instability with a surge of regional nationalist and anti-communist activism culminating in the dissolution of the Soviet Union. Contrary to the general believe , Reagan had nothing to do with USSR downfall . It crumbled from within.
            You are right about Lebanon . It is run by a mafia and as long as the Lebanese remain supportive of this mafia there is nothing you can do about . Lebanon needs a grass root revolution to change the system and the first thing that has to go is sectarianism… once sectarianism goes , tribalism and feudalism will follow. Lebanon should completely its constitution and be run like the US . It is the best model to follow, because like the US it is a melting pot of so many cultures, origins, religions etc etc

          • vs

            I hope Lebanon will be again Switzerland of ME, why not?

          • Arzna

            We share the same hope

          • PatienceTew

            Hopefully, without the Iranian Hizboobs.

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  • PatienceTew

    I can’t wait to see what he produces, but, where is Tata in all this?

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    hope hydrogen cars will compete with electric http://www.hydrogencarsnow.com/

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    Check out this antique designer lamp that retails at a whopping $2.8 million http://luxurylaunches.com/home_improvement/most-expensive-table-lamp.php

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    US nuclear forces modernization program will require about $ 400 billion over the next 10 years https://lenta.ru/news/2017/02/15/nuclear/

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    Hypercar Aston Martin and Red Bull will have a unique V12 engine http://motor.ru/news/2017/02/15/redmartinv12/

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    Shares of Apple have brought to Buffett billion dollars in six weeks https://lenta.ru/news/2017/02/15/apple/

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    In the Arkhangelsk region found the biggest diamond in Europe