South Korea is angling for Tesla investment

©AFP

South Korean President Yoon Suk-yeol has urged Tesla boss Elon Musk to build a new electric car factory in his country. South Korea has first-class investment conditions and a “world-class industrial vehicle ecosystem,” the head of state said in a video call with the eccentric billionaire.

mtmSource: BELGA

According to Yoon’s cabinet, Musk is said to have said that he sees South Korea as one of the top investment candidates. The Tesla CEO will only make a decision after he has examined the investment conditions – including the local labor market and available technology – of several Asian countries.

Musk wants to build a new mega factory for the production of Teslas in Asia. There is currently one in Shanghai, the manufacturer of which recently increased its production capacity to 1 million cars per year.

Furthermore, according to Seoul, the world’s richest man showed willingness to actively invest in charging infrastructure in South Korea. Tesla would also enter into more contracts with South Korean suppliers: Musk expects parts purchases from South Korea to grow to at least $10 billion in 2023. Tesla currently already has agreements with LG, among others.

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