Tesla receives an invitation from the Malaysian Prime Minister to set up a factory

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Tesla Inc. TSLA has been invited to open a car factory in Malaysia, local media reported on Thursday.

What happened: Malaysian Prime Minister Ismail Sabri Yaakob invited American investors and Fortune 500 companies to invest or increase their investments in the digital, green technology and electric vehicle sectors in the country.

“I suggested that Tesla invest in Malaysia in the production of electric cars,” the report said, citing Ted OsiusChairman and CEO of the US-ASEAN Business Council (US-ABC), according to Free Malaysia Today.

Yaakob is currently visiting the United States for a four-day working visit, during which he is expected to meet the President Jo Biden and ASEAN leaders.

Tesla did not immediately respond to Benzinga’s request for comment.

See also: Does Tesla buy a lithium mining company? What Elon Musk has to say

Why is this important: Southeast Asian countries, including Indonesia, are courting Tesla to invest and set up a factory in the region. This is likely to create thousands of jobs, boost incomes and open up vast reserves of raw materials to mineral-hungry electric vehicle makers looking to secure supply deals.

Musk, who has set a goal of making 20 million Tesla cars by 2030, said he plans to have a gigafactory on each continent where the company sells its vehicles.

Musk said on Tuesday it was entirely possible the electric vehicle maker would buy a mining company to meet its needs for lithium, nickel and other raw materials used in rechargeable batteries.

Price action: Shares of Tesla closed down 0.8% at $728 on Thursday.

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