South Korea is ready to reimburse up to half of the cost of building the first Tesla plant in the country

President Yoon Suk-yeol visited the US last week. During his short visit, he managed to negotiate the deployment of US nuclear submarines in the country and discussed the construction of Korea's first Tesla plant.

Here's What We Know

The leader of the Republic of Korea was able to talk to Elon Musk. It is learnt that the South Korean government is willing to classify the construction of the Tesla plant as an investment in advanced technology. This will allow the authorities to subsidise some of the costs.

The final decision will be made after a special commission meeting if Tesla submits an application to build the plant. With the most favourable outcome, Ilon Musk's company will be able to save up to 50% on the construction of the plant.

Tesla's CEO has already commented on the information. Talks about building a plant in the Republic of Korea have been around for a long time. Now Musk has called South Korea an "interesting place" to build a new plant and promised to visit the country "soon".

Source: Business Korea