South Korean President Yoon Suk-yeol met with Tesla CEO Elon Musk in Washington, DC to discuss investment opportunities in South Korea. The meeting was held on Wednesday, at Musk’s request, while Yoon was on a six-day state visit to the United States. Yonhap, a South Korean news agency, reported that a presidential aide had confirmed the meeting.
Yoon Touts South Korea as an Ideal Country for Tesla’s Gigafactory
During the meeting, Yoon highlighted South Korea’s cutting-edge industrial robots and highly skilled workers, touting the country as an ideal location for Tesla to build a gigafactory. According to the report, Yoon also offered to provide support, including tax benefits, to attract the electric vehicle maker’s manufacturing plant.
Musk Expects to Visit South Korea
Musk told Yoon that South Korea remains one of the top candidates for a Tesla Gigafactory, and he expects to visit the country. However, neither Tesla nor Musk immediately responded to Reuters’ request for comment.
South Korea Offers Tailored Incentives to Encourage Tesla’s Investment
In November, Yoon announced that South Korea would offer “tailored” incentives and minimize any risks posed by hardline unions to encourage Tesla’s investment. This statement came shortly after Yoon had a video call with Musk. Additionally, in March of this year, Musk announced Tesla’s plans to build a new factory in Mexico, which will be the company’s first plant outside of the US, Germany, and China. Canada and Indonesia have also been cited as potential candidates for new Tesla factories.
Summary
South Korea’s President Yoon’s meeting with Tesla’s CEO Elon Musk in Washington, DC has sparked discussions about investment opportunities in South Korea. Yoon highlighted the country’s cutting-edge industrial robots and highly skilled workers, making a strong case for South Korea as an ideal location for Tesla’s gigafactory. Musk, in turn, expressed his interest in visiting the country and reiterated South Korea’s position as one of the top candidates for a Tesla Gigafactory. With the promise of tailored incentives, it remains to be seen whether Tesla will make a move into South Korea, or whether other potential candidates will win out.