Yoon asks Tesla to invest in S. Korea, Musk describes as top priority

South Korean President Yoon Suk-yeol on Wednesday requested Tesla CEO Elon Musk invest in the country as part of his plan to build gigafactory lines of complete electric vehicles (EVs) in Asia. In response, Musk said that South Korea is under review as one of the most likely investment destinations.

President Yoon and CEO Musk discussed investment and cooperative plans for Tesla’s EV production facilities in a video call for half an hour, according to the South Korean presidential office. The online session was arranged after they had no chance to meet face to face as Musk canceled a visit to the B20 Summit held in Bali, Indonesia last Monday. However, the two parties had previously worked to coordinate a schedule.

Tesla has reportedly reviewed a plan to set up gigafactories to produce complete EVs in the Asian region, with South Korea, India, Japan, and ASEAN member states considered.

President Yoon briefed Musk on the country’s investment conditions and automobile industrial ecosystems that lead the global market. Musk said that South Korea is one of the most attractive candidates. He will comprehensively review each candidate’s labor force, technological competence, production environments, and investment conditions. He also stated that Tesla has already utilized quality compartments supplied by South Korean producers in autonomous driving and AI fields. As of next year, the tech firm will spend more than 10 billion U.S. dollars (approximately 13 trillion won) buying compartments from South Korean suppliers, according to the CEO.

Senior presidential secretary for economic affairs Choi Sang-mok said in a briefing that the South Korean government would set up a specialized team in collaboration with the Korea Trade-Investment Promotion Agency to draw Tesla’s investment.

President Yoon also asked that Musk’s space transportation and aerospace company SpaceX work closely with South Korean businesses. “We intend to remove unreasonable regulations that do not conform to global standards but hinder global tech firms from investing in South Korea,” the president added.

Yoon requests Tesla invest in S. Korea Musk describes as a top priority

South Korean President Yoon Suk-yeol on Wednesday requested Tesla CEO Elon Musk invest in the country as part of his plan to build gigafactory lines of complete electric vehicles (EVs) in Asia. In response, Musk said that South Korea is under review as one of the most likely investment destinations.

President Yoon and CEO Musk discussed investment and cooperative plans for Tesla’s EV production facilities in a video call for half an hour, according to the South Korean presidential office. The online session was arranged after they had no chance to meet face to face as Musk canceled a visit to the B20 Summit held in Bali, Indonesia last Monday. However, the two parties had previously worked to coordinate a schedule.

Tesla has reportedly reviewed a plan to set up gigafactories to produce complete EVs in the Asian region, with South Korea, India, Japan, and ASEAN member states considered.

President Yoon briefed Musk on the country’s investment conditions and automobile industrial ecosystems that lead the global market. Musk said that South Korea is one of the most attractive candidates. He will comprehensively review each candidate’s labor force, technological competence, production environments, and investment conditions. He also stated that Tesla has already utilized quality compartments supplied by South Korean producers in autonomous driving and AI fields. As of next year, the tech firm will spend more than 10 billion U.S. dollars (approximately 13 trillion won) buying compartments from South Korean suppliers, according to the CEO.

Senior presidential secretary for economic affairs Choi Sang-mok said in a briefing that the South Korean government would set up a specialized team in collaboration with the Korea Trade-Investment Promotion Agency to draw Tesla’s investment.

President Yoon also asked that Musk’s space transportation and aerospace company SpaceX work closely with South Korean businesses. “We intend to remove unreasonable regulations that do not conform to global standards but hinder global tech firms from investing in South Korea,” the president added.


Joo-Young Jeon aimhigh@donga.com