Business & Economy

Yoon asks Musk to set up electric vehicle plant in South Korea

Seoul, Nov 23 (EFE).- South Korea’s President Yoon Suk-yeol has asked Tesla CEO Elon Musk to build an electric vehicle plant in the country, his office said Wednesday.

During a virtual meeting, which was originally to take place in Bali during the G20 summit but was postponed to Wednesday, Musk explained his plans to establish a large factory to assemble electric cars in Asia.

“President Yoon explained South Korea’s world-class auto industry ecosystem and investment conditions, and requested that he invest in South Korea,” the presidential office said in a statement.

“In response, Musk said he is considering South Korea as one of the top investment candidate sites, and that he plans to decide following a comprehensive review of Asian candidate countries’ investment conditions, including human and technological skills, and their production environment,” it added.

The statement said Musk noted that Tesla is a large buyer of South Korean parts or its autonomous driving and artificial intelligence products and believes the total value of Tesla’s purchases from South Korean companies will exceed $10 billion next year. EFE


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