Federal government seeks investors for the Olinia project
The Mexican government has begun the process of recruiting private-sector partners to promote the production, distribution, and sale of the Olinia line of electric vehicles.
Through a call for proposals coordinated with Nacional Financiera (Nafin) and the Ministry of Science, Humanities, Technology, and Innovation (SECIHIT), the federal government hopes to raise an initial capital of US$51.5 million to create the so-called Olinia Corporation, a structure in which the public sector’s stake will be kept to a minimum but will retain control over the company’s strategic decisions.
The registration period for the call of proposals will begin this October and remain open until early November of this year, with a minimum investment amount per participant or consortium set at US$10.8 million. In accordance with the terms and conditions of participation, competing companies must provide conclusive proof of their financial soundness, as well as verify that the funds contributed are not of illicit origin.
According to the press release, the financial structure calls for a cash contribution from SECIHIT ranging from US$11.1 million to US$21.1 million. On the other hand, the group of private investors will have to contribute between US$30.3 million and US$40.3 million to complete the proposed plan. Additionally, the Mexican government will include, as part of its equity stake, the intangible value of the intellectual property, the previously developed prototypes, and the engineering work completed to date.
The project anticipates the possible inflow of foreign capital, albeit subject to specific rules regarding equity ownership; specifies that the call for proposals also allows for the participation of foreign companies, provided that their combined stake does not exceed 33%, thereby preserving a Mexican majority in the company.
The initiative's selection process will involve three stages of evaluation, with progressive access to the technical and financial information in the business plan, with a final decision expected by the end of January 2027.
