Tesla & South Korea Discuss Potentially Building EV Factory in the Country

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The President of South Korea turned to Elon Musk with a request to consider the construction of a Tesla factory for the production of EVs in the country. The country is one of the top candidates as a place to invest, Musk replied.

South Korean President Yoon Suk Yeol has asked Tesla CEO Elon Musk to build an electric vehicle factory in the East Asian nation. South Korea has world-class investment conditions and a “world-class industrial vehicle ecosystem,” Yoon said in an online conversation with Musk on Wednesday, according to his office. The president was aware of Tesla's plans to build a factory in Asia in the future, so he asked Musk to invest in South Korea.

In response, Tesla's CEO said that South Korea is one of the main candidates to host the factory, the South China Morning Post reported, citing the President's Office. Musk said he would make a decision after examining investment conditions in other countries, including the quality of the workforce, and the level of technology and manufacturing infrastructure.

For now, the company plans to step up cooperation with South Korea in supply chains, Yoon's office also said. “We expect to buy components worth more than $10 billion from South Korean firms in 2023 as we significantly expand supply chain cooperation with South Korean companies,” the president's office quoted Musk as saying.

Yoon said he will fix the current unreasonable rules that discourage global technology companies from investing. The President added that the government will continue its efforts to attract investments from high-tech companies to increase the country's competitiveness.

© 2022, Eva Fox | Tesmanian. All rights reserved.

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