Thailand’s Prime Minister Srettha Thavisin announced on Sunday that the country is expecting a significant investment from Tesla, among other tech giants like Google and Microsoft, reports Reuters.
The Prime Minister revealed that Tesla is considering establishing an electric vehicle (EV) manufacturing facility in the country. The announcement was made in Bangkok following Thavisin’s attendance at the U.N. General Assembly in New York, where he also held discussions with company executives.
“Tesla would be looking into an EV manufacturing facility, Microsoft and Google are looking at data centres,” said Thavisin.
The expected investment comes at a crucial time for Thailand, whose economy has been underperforming, with a growth projection of just 2.8% for this year. The investment from Tesla would likely provide a much-needed boost to the nation’s economy, particularly in the automotive sector.
Prime Minister Thavisin mentioned that he had discussions with Tesla CEO Elon Musk last week, focusing on the electric vehicle industry. Thailand, being Asia’s fourth-largest automobile assembly hub, has been actively encouraging investments in the EV and battery sectors through various incentives and tax cuts for local EV buyers.
While the Prime Minister did not specify whether the $5 billion investment figure was a combined total from Tesla, Google, and Microsoft, or individual commitments from each company, the focus on Tesla’s potential investment in an EV manufacturing facility is noteworthy.
The anticipated investment aligns with Thailand’s strategy to maintain its status as a regional automotive center, especially in the rapidly growing electric vehicle market.
