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Elon Musk talks with South Korean President Yoon about investments

Elon Musk talks with South Korean President Yoon about investments


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 establishing a gigafactory. 

It isn’t the primary time Musk and President Yoon have mentioned the potential of a Tesla gigafactory in South Korea. In late November 2022, President Yoon’s govt 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, however it was clear there can be one other EV manufacturing unit announcement quickly. Ultimately, Tesla introduced the development of Gigafactory Mexico. 

Nonetheless, 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 provide Tesla. He argued that South Korea was ideally suited for one in all Tesla’s gigafactories, including that the nation had cutting-edge industrial robots and extremely expert staff. 

President Yoon additionally supplied help for Tesla’s funding, together with tax advantages. Throughout final 12 months’s discussions, President Yoon was ready to supply “tailor-made” help to corporations eager to spend money on South Korea. 

“If Tesla, SpaceX, or different corporations are contemplating extra funding in [South] Korea, together with establishing a gigafactory, the federal government will do our greatest to help the funding,” President Yoon stated. “We’re making ready a tailor-made strategy to grant some benefits to those specified corporations.”

South Koreans is perhaps on board with President Yoon’s efforts. Retail traders in South Korea purchased $2.8 billion value of Tesla inventory by the top of 2022. The Korea Securities Depository reported that native day merchants purchased $160 million value of Tesla shares up by means of December 27, 2022, regardless of TSLA’s downward slide on the time. 

The Teslarati workforce would admire listening to from you. When you’ve got any ideas, contact me at maria@teslarati.com or through Twitter @Writer_01001101.

Elon Musk meets with South Korean President Yoon to debate future Tesla investments



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