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© Tesla (illustration purpose only) Electronics Production | November 24, 2022

Musk looking at South Korea for possible EV investment

South Korea is among top candidates for a Tesla factory in Asia, according to South Korea's presidential office.

Elon Musk made the remark in a video call with President Yoon Suk-yeol, adding that the company also planned to step up cooperation with South Korea on supply chains, writes Reuters in an article.

"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 is cited in saying.

South Korea might be an obvious pick, it is however not the only interesting location. Other governments in the region, including India and Indonesia, are also vying for Tesla’s investment. A decision will depend on favourable investment conditions, such as labour quality, technology level and production infrastructure, the article continued.

Tesla was not immediately available for comment when Reuters contacted them.

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November 15 2022 12:19 am V20.10.16-1
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