It is reported that Tesla CEO Musk said on Wednesday that South Korea is one of the preferred locations for the electric vehicle (EV) factory it plans to build in Asia, according to the South Korean President's Office.

The office of South Korean President Yoon Seok-yue said Musk made the above remarks during a video call with the president, adding that Tesla plans to strengthen cooperation with South Korea in the supply chain. Since Yin Xiyue knew that Tesla planned to build a factory in Asia in the future, he proposed to Musk to build the factory in South Korea.

In this regard, Musk said that he believes that South Korea is one of the first choices and will make a decision after reviewing the investment conditions of other countries, including labor quality, technology level and production infrastructure.

Yin Xiyue’s office also stated. Musk also said that as Tesla significantly expands its supply chain cooperation with Korean companies, Tesla expects to purchase more than $10 billion worth of components from Korean companies in 2023.

It is understood that Tesla’s current main factory in Asia is located in Shanghai, China. The factory recently doubled its production capacity to about 1 million vehicles per year. On the other hand, Tesla currently purchases many Korean-made auto parts from long-term battery supplier LG New Energy. Daol Investment & Securities Co. analyst Jeon Hyeyoung also said last month that LG New Energy's prospects are optimistic, partly due to increased production at Tesla's Shanghai factory.

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