Yoon asks Elon Musk to build an EV factory in South Korea

SEOUL, Nov. 23 (Yonhap) — President Yoon Suk-yeol asked Tesla Inc. CEO Elon Musk to build an electric vehicle (EV) manufacturing plant in South Korea during a videoconference. with the billionaire entrepreneur on Wednesday, his office said.

Yoon made the request after Musk outlined Tesla’s plan to build a giant factory in Asia to produce finished EVs and the CEO responded positively, the presidential office said in a press release.

“President Yoon explained South Korea’s top-level auto industry ecosystem and investment conditions and requested that he invest in South Korea,” he said. “In response, Musk said he was considering South Korea as an early candidate location for investment and intended to decide after a comprehensive review of Asian candidate country investment conditions, including human skills. and technologies, and their production environment.”

Musk also noted that Tesla was a big buyer of excellent South Korean-made spare parts for its self-driving and artificial intelligence products and expressed a commitment to invest in EV charging infrastructure in South Korea, according to office.

It estimated that the total value of its component purchases from South Korean manufacturers would exceed $10 billion next year.

Yoon praised Musk for his successes in the EV and space industries, pointing out that South Korea is working to develop its space industry on all fronts. He notably referred to the successful launch of the Nuri space rocket in June and called for cooperation between Musk’s SpaceX and South Korean aerospace companies.

“President Yoon said that if there are any unreasonable regulations hindering investment by global innovative companies in cutting-edge technologies in South Korea, he would reform them in line with global standards,” his office added. .

The videoconference came after Musk canceled his trip to Bali, Indonesia earlier this month, where the pair were originally scheduled to meet in person.

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