• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Billionaire Carlos Slim Eyeing Electric Taxis to Cut Pollution in Mexico City

By
Reuters
Reuters
Down Arrow Button Icon
By
Reuters
Reuters
Down Arrow Button Icon
May 26, 2017, 6:56 AM ET

Giant Motors, an automaker partially owned by Mexican billionaire Carlos Slim, is working on a prototype electric taxi to replace the gas-guzzling cabs polluting Mexico City’s air, a company executive said.

Giant has partnered with electric vehicle maker Moldex, a unit of Mexican breadmaker Grupo Bimbo, and four Mexican universities to produce the environmentally friendly car that will eventually replace part of Mexico City’s more than 130,000 registered cabs, said Elias Massri, chief executive of Giant Motors Latinoamerica.

“We’re developing the prototypes and hope to finish them this year to find a viable solution, an electric vehicle, that genuinely replaces gasoline-using cars,” Massri said in an interview.

A thick haze periodically descends on Mexico City, the Western Hemisphere’s largest megalopolis, irritating eyes and throats and prompting authorities to issue health warnings and force cars off the streets.

Air quality in Mexico City, home to an estimated 5.4 million vehicles, has been particularly poor in recent weeks.

“The peculiar challenge with taxis in Mexico City is that they often ride around with no passenger, looking for a fare,” said Massri. That means the electric taxis need to boast fast-charging batteries that can last, he added.

Over the last few years Giant Motors and Moldex have developed and sold 500 light-weight, electric cargo trucks capable of handling up to a one ton load. Massri said the experience has given them a platform for the taxi project.

Slim’s Grupo Financiero Inbursa has a 50% stake in Giant Motors.

In February, Giant Motors and China’s Anhui Jianghuai Automobile Group Co Ltd (JAC Motors), along with distributor Chori, said they would invest some $210 million to build SUVs at a plant in the central state of Hidalgo.

Giant Motors and JAC aim to be producing some 10,000 vehicles per year at the Hidalgo plant within four years, said Massri. Passenger cars will account for 70 percent of total output and the remainder will be commercial trucks.

Initially, the Giant Motors-JAC Motors joint venture will focus on selling to Mexico’s growing domestic market, with an eye to expanding into other Latin American nations, Massri said.

About the Author
By Reuters
See full bioRight Arrow Button Icon

Latest in

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in

U.S. stock futures tumble as Iran refuses Trump’s ‘deal’ and Strait stays shut
Big TechMarkets
U.S. stock futures tumble as Iran refuses Trump’s ‘deal’ and Strait stays shut
By Jim EdwardsApril 20, 2026
1 hour ago
Apple's Siri assistant on a MacBook Pro in San Francisco on Feb. 11, 2026. (Photo: Jason Henry/Bloomberg/Getty Images)
NewslettersFortune Tech
What to expect at Apple’s WWDC
By Andrew NuscaApril 20, 2026
2 hours ago
Cisco’s John Chambers lived through the dot-com crash. He says the AI bubble is harder to navigate
NewslettersCEO Daily
Cisco’s John Chambers lived through the dot-com crash. He says the AI bubble is harder to navigate
By Diane BradyApril 20, 2026
2 hours ago
Top CD rates today, April 20, 2026: Lock in up to up to 4.20%
Personal FinanceBanks
Top CD rates today, April 20, 2026: Lock in up to up to 4.20%
By Glen Luke FlanaganApril 20, 2026
2 hours ago
Today’s top high-yield savings rates: Up to 5.00% on April 20, 2026
Personal FinanceSavings accounts
Today’s top high-yield savings rates: Up to 5.00% on April 20, 2026
By Glen Luke FlanaganApril 20, 2026
2 hours ago
Mortgage rates today, April 20, 2026
Personal Financemortgages
Mortgage rates today, April 20, 2026
By Glen Luke FlanaganApril 20, 2026
2 hours ago

Most Popular

Thousands of CEOs admit AI had no impact on employment or productivity—and it has economists resurrecting a paradox from 40 years ago
AI
Thousands of CEOs admit AI had no impact on employment or productivity—and it has economists resurrecting a paradox from 40 years ago
By Sasha RogelbergApril 19, 2026
21 hours ago
Markets shudder as Strait of Hormuz starts resembling a combat zone. 'We're prepared to subject you to disabling fire'
Energy
Markets shudder as Strait of Hormuz starts resembling a combat zone. 'We're prepared to subject you to disabling fire'
By Jason MaApril 19, 2026
13 hours ago
'We should absolutely be concerned about non-college-educated men today': higher rents, living at home, falling out of the labor market
Economy
'We should absolutely be concerned about non-college-educated men today': higher rents, living at home, falling out of the labor market
By Catherina GioinoApril 18, 2026
2 days ago
Elon Musk bans résumés and cover letters in hiring for his chip team. These are the 3 bullet points he’s looking for instead
Future of Work
Elon Musk bans résumés and cover letters in hiring for his chip team. These are the 3 bullet points he’s looking for instead
By Jake AngeloApril 19, 2026
21 hours ago
The explosion of U.S. debt is wiping out the 'safety premium' of Treasury bonds, and time is running out for an orderly fiscal solution, IMF warns
Economy
The explosion of U.S. debt is wiping out the 'safety premium' of Treasury bonds, and time is running out for an orderly fiscal solution, IMF warns
By Jason MaApril 19, 2026
17 hours ago
The $6 billion Vatican Bank was beset by scandals, disastrous investments—and ties to the Mafia. How Pope Francis tried to fix it
Banking
The $6 billion Vatican Bank was beset by scandals, disastrous investments—and ties to the Mafia. How Pope Francis tried to fix it
By Marco Quiroz-GutierrezApril 18, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.