Elon Musk speaks to South Korea's Yoon, names Seoul among top candidates for EV investment

South Korean President Yoon Suk-yeol asked Tesla and SpaceX CEO Elon Musk for investment on a video call on November 23. In the same video call meeting, Elon Musk said that he will be considering South Korea to be one of the top candidates for EV investment, as per the press release by South Korea's president's office. Yoon also asked for the close cooperation of SpaceX and Korean space companies for the domestically developed rocket ‘Nuri,’ which was launched in June this year. 

The Twitter chief has also shown interest in investing in Korean EV investment such as EV charging infrastructure and shared that Tesla is using lots of Korean parts in autonomous driving and artificial intelligence-related fields.

Tesla boss Elon Musk plans to have a Gigafactory to produce electric vehicles in Asia

The meeting between President Yoon and Elon musk was scheduled for the last week after participating in the G20 Summit and B20 Summit held in Bali, Indonesia but Musk's visit was cancelled, and instead, both had an official video call to discuss investment for South Korea. Musk explained his plan to have a Gigafactory to produce electric vehicles (EVs) in Asia while discussing future plans for South Korea at the call. Whereas Yoon talked about various investment propositions in South Korea and the world-class automobile industry ecosystem. He also praised the extraordinary achievements of Tesla, which is leading the EV market, and SpaceX, which has succeeded in recycling the world’s first orbital rocket. 

South Korea has also planned to reform unreasonable regulations that hinder global investments. Musk will give a reviewed decision after looking at the investment conditions in other countries, including labour quality, technology level, and production infrastructure. 

South Korea has encouraged foreigners to invest in the country freely and domestic businesses to invest in foreign countries equally freely. It has declared to put an end to the foreign exchange war between major countries and to reform the International Monetary Fund (IMF). There is a need to bring stability to global financial markets and enhance the status of South Korea's global economic and financial markets. 

(With ANI inputs)