South Korea will provide tailor-made incentives for Tesla's opportunity to set up a factory

South Korean President Yin Xiyue said that South Korea will provide tailor-made incentives to encourage Tesla to build an electric vehicle manufacturing plant in the country.

Yin Xiyue held a video call with Tesla Chief Executive Elon Musk last week. Yin Xiyue's office quoted Musk as saying that South Korea is one of the best candidates for Tesla's new factory.

If Tesla, SpaceX, or other companies consider making more investments in South Korea, including building a Gigafactory, the government will do its best to support the investment, Yoon Suk-Yue said in an interview at his office on Monday. South Korea will provide highly skilled workers and the government will ensure that regulations are in line with international standards so that foreign companies do not face unexpected financial or regulatory hurdles.

Asked what advantages South Korea could offer Tesla, Yoon said,

We are preparing a tailor-made approach to give these specific companies some advantages.

Tesla has said that it will consider building another Gigafactory. The media cited Canada, Indonesia, India, and Thailand as possible locations for the new factories, but analysts pointed out that these countries do not have the same automotive supply chain as South Korea, although some are rich in natural resources such as nickel.

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