South Korean President Woos Elon Musk With Tax Breaks To Clinch Tesla Gigafactory

South Korean President Yoon Suk Yeol met Tesla Inc TSLA CEO Elon Musk on Wednesday during his state visit to the United States.

What Happened: Yoon requested investment into the Asian country during the interview with Musk, reported Reuters.

The President proposed South Korea as an ideal country for Tesla to consider a Gigafactory while adding that he would extend support to Tesla in terms of location, human resources and tax if it decides to invest.

Musk, in turn, said that South Korea continues to be one of the top candidates for Tesla’s Gigafactories, the report added, citing Yoon’s senior economic secretary Choi Sang-mok.

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Why It Matters: In November last year, Elon Musk said that South Korea could be the destination for Tesla’s next Gigafactory, during a video call with Yoon.

Indonesia is also looking forward to investment from Musk and Tesla.

Last month Tesla announced that its next Gigafactory will come up in Mexico. The first cars from the plant, which will take 12-15 months to build, are expected to roll out in 2024.

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