Tesla is looking to sink its teeth into new territory
The Elon Musk-led EV firm might set up shop in this industry powerhouse.
The electric vehicles produced by American manufacturer Tesla (TSLA) - Get Free Report have circled in many areas around the globe, but the Elon Musk-led firm is looking for fresher, greener pastures to lay its flag on.
Related: Tesla can sell you a Cybertruck very soon — if you have deep pockets
Thai Prime Minister Srettha Thavisin said on December 7 that he showed Tesla executives around some industrial estates in Thailand last week for potential investment.
The PM said that he was confident that Tesla would invest in Thailand and emphasized his own personal involvement in the meeting.
"I went out of my way to entertain them so they would fall in love with Thailand [...] they are looking for 2,000 rai (320 hectares) of land," Srettha said.
This is not the first time that PM Srettha has met with people from Tesla. After becoming prime minister in August, he held a meeting with Tesla CEO Elon Musk.
The Southeast Asian county is the largest car producer and exporter in the region. Japanese manufacturers Toyota and Honda have large facilities in Thailand, which produces cars for both the Thai market and for export to other Southeast Asian nations and beyond. 
Currently, Thailand aims to convert about a third of the 2.5 million vehicles it makes into EVs by the end of this decade, and will introduce incentives to encourage its local industry to achieve its goal.
More Business of EVs:
- A full list of EVs and hybrids that qualify for federal tax credits
- Here’s why EV experts are flaming Joe Biden’s car policy
- The EV industry is facing an unusual new problem
EVs are getting popular in Thailand; half of all EV sales in Southeast Asia in the second quarter of 2023 are within the country, which are driven by a government subsidy that gives up to 150,000 baht (~$4,225) per car.
Tesla (TSLA) - Get Free Report currently sells its compact Model 3, Model Y crossover SUV in Thailand and is also accepting reservations for the Cybertruck in the Southeast Asian nation.
Simplify the pulse of the market landscape with bite-sized intel from the masters. Real Money Pro is your dynamic financial ally, transforming market insights into strategic moves. Start your membership to elevate your portfolio.
What's Your Reaction?
