Tesla Gets Invite From Malaysia PM To Set Up Factory

Tesla Inc TSLA has been invited to open a car factory in Malaysia, local media reported on Thursday.

What Happened: Malaysian Prime Minister Ismail Sabri Yaakob has invited U.S. investors and Fortune 500 companies to invest or increase their investments in the digital, green technology, and electric vehicle sectors in the country.

“I’ve suggested to Tesla to invest in Malaysia in producing electric cars,” the report said, citing Ted Osius, president and chief executive officer of the US-ASEAN Business Council (US-ABC), according to Free Malaysia Today.

Yaakob is currently visiting the U.S. on a four-day working visit, during which he is expected to meet with President Joe Biden and ASEAN leaders.

Tesla did not immediately respond to Benzinga’s request for comment.

See Also: Is Tesla Buying A Lithium Mining Company? What Elon Musk Has To Say

Why It Matters: South East Asian countries, including Indonesia, are wooing Tesla to invest and set up a factory in the region. That is likely to create thousands of jobs, lift income and open up vast raw material reserves to mineral-hungry EV makers seeking to secure supply deals.

Musk, who has set a target of making 20 million Tesla cars by 2030, has said he plans to have one gigafactory in every continent where the company sells its vehicles.  

Musk said on Tuesday it is quite possible the EV maker could buy a mining company to fuel its needs for lithium, nickel and other raw materials that find use in rechargeable batteries.

Price Action: Tesla shares closed 0.8% lower at $728 on Thursday.