South Korea’s Yoon Offers Tax Breaks if Musk Builds Car Factory

Musk meets Yoon, who is in Washington for summit talks
Tesla CEO says he’s anticipating chance to visit country

WATCH: Asia Society’s Cutler says South Korea’s Yoon needs to secure economic deliverables and deterrence assurances during his US visit.Source: Bloomberg

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By Sam Kim and Jeong-Ho Lee

April 26, 2023 at 11:41 PM UTC

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South Korean President Yoon Suk Yeol offered tax breaks and manpower support if Tesla Inc. CEO Elon Musk invests to build a new factory in the country.

Yoon met Wednesday with Musk, who is also the chief executive officer of SpaceX, as part of the South Korean leader’s visit to Washington, according to Yoon’s office. Earlier in the day, he held a summit at the White House with President Joe Biden to tighten economic and security cooperation.