Electric vehicle giant Tesla Inc (NASDAQ:TSLA) is all set to open an office in Malaysia.
What happened: The Elon Musk-led EV maker’s application to import EVs to the Southeast Asian country has received approval and Tesla would also establish a charging station network for its cars in addition to an office, Malaysia’s minister of international trade and industry said.
However, it was not immediately clear when the office would be opened.
“Tesla will establish a Head Office, Tesla Experience & Service Centres, and Supercharger network, simultaneously creating skilled & better-paying jobs for M’sians,” Malaysia’s Minister of International Trade & Industry Tengku Zafrul tweeted on Wednesday.
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Why It Matters: In an annual budget tabled on Friday, Malaysia took up a slew of measures to incentivize EV consumption, including an extension on excise duty, sales tax exemption, and import tax exemption for components used in EVs, both locally assembled and imported. While excise duty for fully imported EVs has been extended till 2025, it has been extended until 2027 for locally assembled vehicles.
Tesla has been banking on tax exemptions offered by countries and expanding vastly across geographies.
A deal announcement between Mexico and Tesla on the EV maker’s investment into the country is reportedly imminent. Warren Buffett-Backed BYD is also reportedly eyeing major global expansion, particularly in Southeast Asia, with the Philippines, Vietnam and Indonesia eager to host BYD’s plant.
Read more: Why Some Tesla Customers Are Considering Canceling Vehicle Deliveries Ahead Of Investor Day
