Is Mexico becoming the new Detroit?
As more car companies leave the U.S. to produce cars in Mexico, is Mexico becoming the new Detroit?
Car company Kia, along with their CGI hamsters, are heading to Mexico.
The Korean auto manufacturer announced plans to build a new billion dollar plant near Monterrey this week.
The company joins a long list of car companies who have started producing cars in the country recently.
Mexican President Enrique Pena Nieto said Thursday that Kia will invest more than $1 billion in the factory and attract another $1.5 billion from Kia suppliers in Mexico, Bloomberg reported.
The country is also poised to surpass Brazil as the top Latin American automobile producer for the first time in more than a decade, Bloomberg noted.
This phenomenon begs the question: Is Mexico becoming the new Detroit?
Reporter Brendan Case at the Bloomberg Bureau in Mexico shares more.