GM, Foxconn to swap imports to Mexico for local production, official says

MEXICO CITY (Reuters) – U.S. automaker General Motors (NYSE:) and Taiwanese tech giant Foxconn will announce plans to swap out imports to Mexico for production in the country later this month, the nation’s deputy economy minister said on Wednesday.

The government is also in talks with other major firms such as DHL and Stellantis (NYSE:) to see which products could be produced in Mexico, Vidal Llerenas, who heads industry and trade for the ministry, said.

Meanwhile, Intel (NASDAQ:) has already committed to substitute 12% of imports of some parts such as heat sinks and thermal trays, Llerenas said.

Appliance maker MABE is looking to turn over half of its imports into locally produced products, he added.