Tesla continues to develop expansion plans, looking at various locations for future development. The company’s executives visited Thailand, where they took a closer look at industrial zones, the prime minister has said.
Prime Minister and Finance Minister Sretta Taweesin on Thursday said he showed Tesla executives last week industrial zones in the country for potential investment. According to his statement, the company is looking for a site measuring 320 hectares.
“I tried my best to entertain them so they would fall in love with Thailand[…]they are looking for 2,000 rai (320 hectares) of land,” Mr. Sretta said, according to the Bangkok Post. He added that he is confident that Tesla will invest in Thailand. Last week, the minister said he was seeking to secure a more than $5 billion deal with the company and said Tesla is ready for such an investment.
In August, Mr. Sretta became prime minister and met with Tesla chief Elon Musk a month later. He is keen to attract investors to the country and is very interested in the company. Thailand is Southeast Asia’s second-largest economy and is the region’s largest automobile manufacturer and exporter. If Thailand manages to attract Tesla’s investment, its potential will be unlocked even further.
Electric vehicles are steadily gaining momentum in Thailand. This is aided by government subsidies that currently amount to up to 150,000 baht (about $4,300) per car. The country accounted for about half of all electric vehicle sales in Southeast Asia in Q2 2023.
Thailand’s tax cuts and subsidies have already attracted a slew of Chinese automakers, including BYD and Great Wall Motor, which have pledged to invest $1.44 billion in production capacities in the country.
Tesla is currently considering investing in several countries, including Mexico and India. While investment in Mexico is assured, there has been no official announcement of agreements with India.
