Tesla is building its third plant outside the US in Mexico

After plants in Shanghai and Gruenheid, production is now also in Monterey. Also: Mixed news from Rivian, Instacart and authorities’ successes targeting FTX fraud.

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Key Topics:

Tesla It will build a new plant in Monterrey, Mexico. As the Mexican president said at a press conference on Tuesday, the electric car maker must meet several obligations to avoid worsening water shortages there. According to Andrés Manuel López Obrador, the American company has agreed to use recycled water throughout the production process at the plant, including when painting cars.

The president said he spoke with Tesla CEO Elon Musk on Friday and Monday. He was quick to respond, understood her concerns and accepted suggestions. The new plant will represent a significant investment and create numerous jobs in Mexico. Monterrey is an industrial city near the US-Mexico border. The plant will be the third manufacturing facility outside the US, after China and Germany. More information is expected to be shared at Tesla’s investor day in Texas on Wednesday, which will be broadcast live Network light is changed. [Mehr bei CNBC und Reuters]

On that day Founder’s View: Delivery service Joker Former Foodpanda CEO Ralph Wenzel Worth over a billion euros. In recent months Zokr has shrunk its business to a bare minimum, its valuation has plummeted and its failures are piling up. Our editor Lisa Ksienrzyk has summarized and categorized the most recent events for you. [Mehr bei Gründerszene]

Here are the other headlines of the night:

Rivian Automotive The fourth quarter delivered mixed results. The outlook is not particularly rosy. Shares of the electric vehicle startup fell about eight percent in after-hours trading. The company posted an adjusted loss of $1.73 per share. Analysts had expected $1.94. Analysts, on the other hand, overstated Rivian in terms of revenue: instead of $742.4 million, it only added $663 million. By 2023, Rivian forecasts vehicle production to reach 50,000 units. The company again had to recall some vehicles for repairs. [Mehr bei CNBC und Wall Street Journal]

Instagram It managed to increase its revenue by 39 percent to USD 2.5 billion last year. The delivery service increasingly relies on advertisements instead of food delivery businesses. In the fourth quarter in particular, revenue increased by more than 50 percent compared to the same period last year, while gross profit increased by more than 80 percent, according to a media report. [Mehr bei Wall Street Journal]

Ex FTXEngineering chief Nishad Singh pleaded guilty Tuesday in New York. He is another member of founder Sam Bankman-Fried’s former executive team who agreed to the deal. Charges include securities fraud and money laundering. The crypto exchange went bankrupt in November. “Today’s guilty plea underscores once again that the crimes at FTX were massive in scope and consequence,” Manhattan U.S. Attorney Damian Williams said in a statement. “They rocked our financial markets with multibillion-dollar fraud. And they corrupted our politics with billions of dollars in illegal campaign contributions. [Mehr bei CNBC]

noo As “Handelsblatt” reports, a model offensive is starting in Europe. The Chinese electric car maker wants it in the premium segment Audi, The BMW And Mercedes to record. The Chinese company relies on replaceable batteries for its concept. This will avoid long loading times. [Mehr bei Handelsblatt]

Investments: Student Fund, a European fintech that funds education programs for individuals in exchange for income sharing, has raised €39 million in a Series A funding round. Founded in Spain in 2019, the student finance company has partnered with educational institutions such as Ironhack and Le Wagon to finance those who wish to pursue education in fields such as software development, cybersecurity and artificial intelligence (AI). TemporaryA platform for open source microservices developed by companies such as Netflix, Snap And Comcast It has raised $75 million from several high-profile investors, including Sequoia Capital and Greenoaks. Letter formatThe startup, which creates an AI-powered dashboard for designing marketing copy and imagery, launched this week with $65 million in venture equity backing. [Mehr bei Techcrunch, Techcrunch und Techcrunch]

Our reading tip on Gründerszene: Beginnings and Nestlé – It’s always a tricky combination. Likewise Yfood: A Munich food startup has brought on a controversial food company as a new investor. You can see what the founders are looking for in Daniel Hafner’s report. [Mehr bei Gründerszene]

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