Tesla, the leading EV automaker set to expand into Asian market!
As reported Musk could be looking to strengthen its roots in Asia, and South Korea would be a good choice!
Tweet on Tesla’s plan towards S.Korea
— The_Journalbiz (@the_journalbiz) November 23, 2022
News on the Tesla’s tendency toward expansion into S.Korea
Elon Musk reportedly told President Yoon that he considered South Korea one of the top candidates for a Tesla factory in Asia, reported Reuters.
Giga Shanghai has been a powerhouse factory for the company, making significant contributions to Tesla’s output and finances. However, the tension between the United States and China might place Tesla in a precarious position.
South Korea is an ideal country for another Tesla gigafactory in Asia. Elon Musk and President Yoon also talked about Tesla stepping up cooperation with South Korea on supply chains, hinting that the EV maker would have a reliable support system for a Gigafactory in the country.
- Tesla already has strong ties to South Korea. It works closely with LG Energy Solutions to produce batteries.
In June, the South Korean battery producer announced plans to invest $567.76 million to expand production at home. LGES provided Teslarati with details on the expansion, which included plans for a new assembly that would produce 4680 cylindrical battery cells.