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Elon Musk shared on Wednesday, Nov. 23, that South Korea is one of the territories being considered for a new EV investment. The billionaire said that the country could be the next location for its gigafactory in the Asian region.
According to Reuters, this news was shared by South Korea’s presidential office after Musk, and President Yoon Suk Yeol talked via a video call. Tesla is planning to build another plant in Asia for the production of its electric vehicles, and there is a chance the country could be picked.
Yoon’s office also shared that Musk made the remark about Tesla’s plan to boost its cooperation with supply chains in the country. The Tesla and SpaceX founder and chief said that they would be reviewing investment conditions in other nations and then make a decision. Some of the things that they will look into include the level of technology, production infrastructure, and quality of labor.
"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," Musk said, as relayed by the president’s office.
During the video call, Yoon told Musk that he would be revising any unreasonable regulations that may hinder Tesla’s and other major tech firms’ business investments in South Korea. The leader added that his government would continue with its efforts of attracting and bringing in more investment from global brands to further improve the country's competitiveness.
Korea Joongang Daily reported that during the video call, Musk shared that his estimate for the total value of their purchases of vehicle parts in Korea would reach past the KRW13 trillion mark or about $9.6 billion by 2023.
Meanwhile, the publication pointed out that while Musk and President Yoon talked about building of a gigafactory in Asia, it is not clear if it will be for electric vehicles, EV battery production, or just for vehicle parts.
Photo by: Charlie Deets/Unsplash
