01:16 PM EDT, 10/17/2024 (MT Newswires) -- (Updates with GM Mexico response in the fourth paragraph.)

General Motors ( GM ) and Foxconn are set to reveal plans to swap out imports to Mexico for local production later this month, Reuters reported Wednesday, citing Mexico's Deputy Economy Minister Vidal Llerenas.

The Mexican government is also in discussions with other companies like DHL and Stellantis ( STLA ) to assess which products can be manufactured in the country, according to the report.

Llerenas further said that Intel ( INTC ) has already committed to substitute 12% of imports of some parts such as heat sinks and thermal trays, while appliance maker MABE may switch more than half of its imports into local products, Reuters said.

"While we are not in a position to respond to speculation about future plans, we can confirm that 90% of components for production in Mexico come from North America sources," a General Motors Mexico representative told MT Newswires. "GM fully supports the Mexican government's objective to continue to grow resilient supply chains in the region."

Foxconn did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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