Can Europe shake its Russia links for good? 
China Buys 1 Million Tons of U.S. Soybeans Ahead of Xi Visit 
Huawei Launches Mate XT2 Foldable Phone in China 
Oil Prices Surge as Middle East Shipping Attacks Threaten Supply 
Gold Prices Steady as Hot PPI Boosts Fed Rate Hike Bets 
GLP-1 Weight-Loss Drug Use Surges Among U.S. Children 
Enflame Shares Surge 200% in Shanghai AI Chip Debut 
UK Businesses Urge Government to Cut Electricity Levies 
OpenAI Targets Specialized Industries as Enterprise AI Demand Grows 
German Inflation Accelerates to 2.9% in August 
BOJ Set to Raise Rates to 1.25% as Inflation Risks Build 
Blackstone Eyes $2 Billion ZO Skin Health Sale 
Kioxia Rules Out SK Hynix Manufacturing Partnership 
U.S. Stock Futures Steady as Oil Tops $100 Ahead of Inflation Data 
TetherMax Expands into Asian Market Following Rebranding, Names Actor Yun Siyun as Brand Ambassador 
Zara Owner Inditex Sales Rise 9% in August 
Qualcomm Stock Jumps on Amazon AI Chip Deal 
Add as a preferred source on Google
Tesla Inc. recently revealed it had scrapped its plans to build a gigafactory for electric vehicle production in India. The Austin, Texas-headquartered EV maker canceled the plans due to a year-long conflict with the local government over incentives.
Tesla wanted to construct a large-scale manufacturing plant in India, but it seems to have changed its decision after the company's executives held talks with local officials. According to Korea Joongang Daily, the Elon Musk-led vehicle manufacturer sent a delegation of executives to India to discuss possible sourcing of car parts and incentives there.
However, they stopped at the point when they were about to present the plans for the construction of the EV plant in India. The executives did not proceed with the proposal due to their concerns about the high tariffs on imported cars there.
It was reported that the local government does not have plans to adjust its tax scheme just to accommodate one auto company. Currently, the country is imposing a 100% tariff rate on imported vehicles priced at more than $40,000.
Now, the collapse of the negotiations between Tesla and India opens an opportunity for South Korea. It is hoped that the company's chief executive officer, Elon Musk, will choose the country as a place to build his gigafactory.
South Korea is actually one of Musk's top candidates for the facility, and this was revealed during his previous meeting with the country's President, Yoon Suk Yeol, in Washington, D.C.
Based on the reports, the president gave the Tesla CEO a brochure titled "Korea for the Next Gigafactory."
President Yoon made a promise that Tesla would get support from the government, such as incentives based on location, taxes, and more. Moreover, about 34 local Korean governments, including Incheon, Daegu, Busan, and Pohang in North Gyeongsang, have sent letters of intent (LOI) to attract the Tesla gigafactory.
Meanwhile, Tesla is expected to announce the new location of its gigafactory for EVs. The company is already operating five large-scale auto manufacturing plants worldwide, and three of them are in the United States. The other two are located in Berlin, Germany and Shanghai, China.
Photo by: Milan Csizmadia /Unsplash
