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The company is one of the many EV startups struggling to launch its products as a bleak global growth outlook and a funding squeeze dented production schedules and compounded losses.

The company reappointed former chief executive Cheng Lu as its top boss last month after it fired his predecessor Xiaodi Hou following a probe.

The plant will be located in Santa Catarina in Monterrey city, the capital of Nuevo Leon state in Mexico a report said.

The project in Ochang, South Korea, will include R&D and production facilities and related infrastructure

The European Union ban on imports of Russia's seaborne oil from Dec. 5 has driven Moscow to seek alternative markets, mainly in Asia, for about 1 million barrels per day.

It cut the tax on locally produced crude oil steeply to 1,700 rupees ($20.52) per tonne from 4,900 rupees, effective Friday

Moscow has repeatedly said it will not sell oil to countries that comply with the cap

Tesla aims to start mass production of its Cybertruck at the end of 2023, two years after the initial target for the long-awaited pickup truck.