BOJ Set for 25-Basis-Point Rate Hike as Yen Weakness Fuels Inflation 
Oil Prices Fall as Saudi Supply Concerns Ease 
Cathie Wood Backs AI Slowdown as Safety Concerns Grow 
European Stocks Rally After Fed Hike, Iran Peace Hopes 
Nvidia CEO Jensen Huang Expected at Trump-Xi State Dinner 
BHP Port Hedland Wage Dispute Heads to Arbitration 
Ex-Google DeepMind Researcher Warns AI Could Pose Existential Threat 
Meta CEO Zuckerberg Backs Independent AI Safety Reviews Over Development Slowdown 
Asian Currencies Mixed as Dollar Holds Gains After Fed Rate Hike 
Iran Economic Crisis Forces Afghan Families to Return Home 
Gold Prices Rise as Oil and Treasury Yields Fall 
UK Inflation Rises to 3.1% Ahead of BoE Rate Decision 
Supertanker Orders Surge as US-Iran War Reshapes Oil Trade 
US Stock Futures Rally as Markets Digest Fed Rate Hike 
Databricks to Invest $350 Million in Singapore AI Expansion 
Gold Rebounds Above $4,300 Despite Hawkish Fed Rate Hike 
Add as a preferred source on Google
Tesla Inc. recently revealed it had scrapped its plans to build a gigafactory for electric vehicle production in India. The Austin, Texas-headquartered EV maker canceled the plans due to a year-long conflict with the local government over incentives.
Tesla wanted to construct a large-scale manufacturing plant in India, but it seems to have changed its decision after the company's executives held talks with local officials. According to Korea Joongang Daily, the Elon Musk-led vehicle manufacturer sent a delegation of executives to India to discuss possible sourcing of car parts and incentives there.
However, they stopped at the point when they were about to present the plans for the construction of the EV plant in India. The executives did not proceed with the proposal due to their concerns about the high tariffs on imported cars there.
It was reported that the local government does not have plans to adjust its tax scheme just to accommodate one auto company. Currently, the country is imposing a 100% tariff rate on imported vehicles priced at more than $40,000.
Now, the collapse of the negotiations between Tesla and India opens an opportunity for South Korea. It is hoped that the company's chief executive officer, Elon Musk, will choose the country as a place to build his gigafactory.
South Korea is actually one of Musk's top candidates for the facility, and this was revealed during his previous meeting with the country's President, Yoon Suk Yeol, in Washington, D.C.
Based on the reports, the president gave the Tesla CEO a brochure titled "Korea for the Next Gigafactory."
President Yoon made a promise that Tesla would get support from the government, such as incentives based on location, taxes, and more. Moreover, about 34 local Korean governments, including Incheon, Daegu, Busan, and Pohang in North Gyeongsang, have sent letters of intent (LOI) to attract the Tesla gigafactory.
Meanwhile, Tesla is expected to announce the new location of its gigafactory for EVs. The company is already operating five large-scale auto manufacturing plants worldwide, and three of them are in the United States. The other two are located in Berlin, Germany and Shanghai, China.
Photo by: Milan Csizmadia /Unsplash
