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South Korea's President Yoon Discusses Gigafactory Prospects with Tesla CEO Elon Musk in Washington

Source: The President Office of the Republic of Korea

South Korean President Yoon Suk-yeol and Tesla CEO Elon Musk met in Washington, DC, to discuss potential investment in a Gigafactory in South Korea.

The meeting occurred at Musk's request during Yoon's six-day state visit to the United States.

President Yoon promoted South Korea as an ideal location for a Tesla Gigafactory, citing the country's advanced industrial robots and highly skilled workforce.

Yoon also offered support regarding the site, human resources, and tax benefits if Tesla decided to invest in the country.

In response, Musk mentioned that South Korea remains one of the top candidates for Tesla's Gigafactories and expressed interest in visiting the Asian nation.

In November, Yoon told Reuters that South Korea was willing to offer "tailored" incentives and minimize union risks to encourage Tesla's investment.

The two leaders had previously discussed the matter in a video call.

Tesla currently has factories in the United States, Germany, and China.

However, in March, Musk announced plans to build a new factory in Mexico, which would be Tesla's first factory outside those three countries.

Canada and Indonesia are also potential candidates for future Tesla factories.

During the meeting, President Yoon expressed hope for increased cooperation between South Korean companies and SpaceX, Musk's U.S.-based spacecraft company.

Such collaboration could further develop South Korea's space industry.

This development signals growing interest in South Korea as a hub for electric vehicle manufacturing and highlights the country's advanced technological capabilities.

Investors, strategists, and tech enthusiasts will watch closely as Tesla weighs the pros and cons of establishing a Gigafactory in the country.