Bloomberg News is reporting that Tesla Inc is in the final stages of planning for building an assembly plant in Northeastern Mexico. The company may announce the new factory as early as next week, according to the report, published late Friday.

According to Bloomberg, the plant will be located in the capital of Nuevo Leon state in Mexico, Santa Catarina in Monterrey city.

The report said the company is still working out the final details, as it negotiates with both the state government and the foreign relations ministry of Mexico.

Details on what models will be produced in the factory, or when production might begin were not revealed. However the report noted those details could be released in the coming days.

In October, Reuters had reported that two people with knowledge of the matter said that Tesla Chief Executive Elon Musk had been considering an investment in Nuevo Leon, a northern Mexican state which borders Texas.

At the time it was reported Musk had held a meeting in Nuevo Leon with the governor of the state, Samuel Garcia, as well as other local officials, and Ken Salazar, the US Ambassador to Mexico.

The news of the new factory will come as a relief to Tesla investors, who have feared their CEO was hopelessly distracted with his new social media company, Twitter. Tesla shares have been getting battered, with Friday’s close marking the worst weekly loss since March of 2020.

In related news, earlier this week, Tesla CEO Elon Musk sold $3.5 billion in Tesla stock, bringing his total amount of stock in the company sold this year to $40 billion.