Elon Musk makes his decision: Will he build a factory in Turkey?
Elon Musk has made his decision following an appeal by President Recep Tayyip Erdoğan to establish Tesla's 7th factory in Turkey.
cumhuriyet.com.trPresident Erdoğan met with Elon Musk, the founder of SpaceX, in the U.S. in recent months.
Erdoğan had urged Musk to build Tesla's 7th factory in Turkey.
According to Bloomberg, Elon Musk, in search of a location for Tesla's new electric vehicle factory, has reached a decision.
The factory investment is headed to India
Tesla is reportedly close to striking a deal with India for a $2 billion factory investment.
The agreement is planned to be announced at the Vibrant Gujarat Global Summit in January.
The report states that Elon Musk is considering the Indian states of Gujarat, Maharashtra, and Tamil Nadu for their well-established ecosystems in electric vehicles and exports, partly because Gujarat is the home state of Indian Prime Minister Narendra Modi.
Investment could reach up to $15 billion
While Tesla plans a minimum investment of $2 billion in its factory in India, it is also reported that the company could increase its purchases of automotive parts from the country to as much as $15 billion.
Additionally, it was mentioned that the American automaker might attempt to produce some batteries in India to reduce costs.