Thailand Prime Minister Sretta Thaweesin reportedly seeks to secure a $5 billion investment deal with American electric vehicle giant Tesla for a local factory.
Tesla execs inspect factory sites in Thailand
According to Prime Minister Thaweesin’s remarks in an exclusive interview with Nation Group on its “Nation Inside” program, Tesla representatives went to Thailand to check potential factory locations.
Interestingly, PM Thaweesin also disclosed Tesla’s preparedness to allocate over $5 billion in investment in Thailand.
The Musk-led company’s second-level managers will supervise the investment plans, Drive Tesla Canada. To demonstrate the government’s support, PM Thaweesin himself accompanied Tesla execs to the Yi Peng festival in Chiang Mai last November 27.a
Thailand’s progress in attracting investments
Prime Minister Thaweesin emphasized that Thailand continued to progress in enticing global conglomerates’ investments in the past three months.
The Thai PM further noted his recent trips to other countries across the world to meet with government leaders and businesses. The move is part of the Thai government’s efforts to encourage partnerships between the government and companies. As a result, the government signed numerous deals over the past few months.
Tesla’s recent investment-related activities
Numerous reports emerged about Tesla’s potential investments in different countries across the world.
The first to gain Tesla’s newest investment was Gigafactory Mexico. The company already secured the necessary building permit but recently slowed down development due to economic uncertainty.
Tesla has also been progressing with its negotiations with India, as the government recently announced plans to introduce a new policy that will reduce import tariffs on electric vehicles. Indonesia is also among the top countries seeking to secure Tesla’s investments.
Tesla’s strong reputation when it comes to the electric vehicle and technology industry is undoubtedly widespread across the world. That said, it is unsurprising that numerous countries have been seeking to gain Tesla’s investments. The automaker’s remarkable vehicle production prowess can significantly boost their economies. In return, Tesla’s sales will continue to increase despite the growing competition in the industry.
