Tesla CEO Elon Musk and South Korean President Yoon Suk Yeol met in Washington on Wednesday. The pair mentioned potential Tesla investments in South Korea, together with presumably developing a gigafactory.
It isn’t the primary time Musk and President Yoon have mentioned the opportunity of a Tesla gigafactory in South Korea. In late November 2022, President Yoon’s government workplace revealed that the pair talked about Tesla in a video name. On the time, Tesla had not revealed the situation of its subsequent gigafactory, but it surely was clear there can be one other EV manufacturing facility announcement quickly. Finally, Tesla introduced the development of Gigafactory Mexico.
Nevertheless, South Korea’s President Yoon doesn’t appear phased by Tesla’s Giga Mexico announcement. President Yoon talked to Musk about what South Korea may supply Tesla. He argued that South Korea was ideally suited for one in every of Tesla’s gigafactories, including that the nation had cutting-edge industrial robots and extremely expert staff.
President Yoon additionally supplied assist for Tesla’s funding, together with tax advantages. Throughout final 12 months’s discussions, President Yoon was ready to supply “tailor-made” assist to firms eager to put money into South Korea.
“If Tesla, SpaceX, or different firms are contemplating extra funding in [South] Korea, together with developing a gigafactory, the federal government will do our greatest to assist the funding,” President Yoon mentioned. “We’re making ready a tailor-made method to grant some benefits to those specified firms.”
South Koreans is likely to be on board with President Yoon’s efforts. Retail buyers in South Korea purchased $2.8 billion price of Tesla inventory by the top of 2022. The Korea Securities Depository reported that native day merchants purchased $160 million price of Tesla shares up by December 27, 2022, regardless of TSLA’s downward slide on the time.
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