The South Korean government plans to offer an incentive to Tesla to encourage it to build a new electric vehicle factory in Seoul.
As is known, South Korean President Yoon Suk Yeol made a video call with Tesla CEO Elon Musk last week.
In the conversation, Musk revealed that South Korea is the strongest candidate for the location of Tesla’s new factory in the Asian region.
“If Tesla, Space X or other companies are considering more investment in Korea including building a gigafactory, the government will do its best to support the investment,” Yoon said, citing Reuters.
On the other hand, Yoon said that South Korea also boasts highly skilled workers and the government will ensure regulations are in line with international standards so that foreign companies do not face unexpected financial or regulatory hurdles.
“We are preparing a customized approach to provide some advantages to this particular company,” Yoon said, when asked what advantages South Korea could offer Tesla over the other locations mentioned.
Some time ago, Tesla said that it would consider building another gigafactory.
Meanwhile, Canada, Indonesia, India and Thailand also want to lobby Tesla to build an EV factory in their countries.
However, analysts note that these countries lack the automotive supply chains that South Korea has, although some have abundant natural resources such as nickel.
