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Elon Musk says Tesla eyeing Russia as a potential production hub

Stock Markets May 21, 2021 01:26PM ET
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© Reuters. FILE PHOTO: SpaceX founder and Tesla CEO Elon Musk looks on as he visits the construction site of Tesla's gigafactory in Gruenheide, near Berlin, Germany, May 17, 2021. REUTERS/Michele Tantussi

MOSCOW (Reuters) -Elon Musk said on Friday that Tesla (NASDAQ:TSLA) was close to establishing a presence in Russia and was looking at whether it could open factories there.

Addressing an event in Russia via video link, Musk said the company already had production sites in China and the United States, but was looking at opening production facilities in other parts of the world.

The Russian Ministry of Industry and Trade invited Musk to Russia.

"Dear @Elonmusk, we were delighted to learn that you are considering building a factory in Russia. By the way, we have a number of state support measures for local OEMs (Original Equipment Manufacturers). Come to see us, we'll talk about it :)," it said on social media in English.

Russian small private carmaker Zetta is designing an electric car and plans to launch production this year.

The auto industry in Russia, a global oil and gas exporter, has no successful electric car projects at present and analysts see slim prospects in the near future, primarily due to poor charging infrastructure.

Elon Musk says Tesla eyeing Russia as a potential production hub
 

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Comments (5)
Todd Gray
Todd Gray May 21, 2021 11:32PM ET
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I like the body on the new Fiskers Ocean EV.
Michael Angelo
Michael Angelo May 21, 2021 4:44PM ET
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Tesla will have more and more competition every day. That is the reality check. Cannot hide anymore.
Roger Miller
Roger Miller May 21, 2021 4:25PM ET
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Smart, Tesla builds where it sells, allowing them to stay out of all the politics and reduce supply chain risks.
Roger Miller
Roger Miller May 21, 2021 4:25PM ET
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Smart, Tesla builds where it sells, allowing them to stay out of all the politics and reduce supply chain risks.
Gene Kret
Gene Kret May 21, 2021 2:44PM ET
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TSLA 🚀🚀🚀🚀🚀
 
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