KUALA LUMPUR, Aug 8 — A Thai newspaper’s report that Tesla is suspending its plans to build a US$5 billion electric vehicle (EV) manufacturing hub in the country did not cite the American carmaker directly, a Ministry of International Trade and Investment (Miti) source has clarified.
Amid questions over the US company’s other much-hyped programmes in South-east Asia, including in Malaysia, the source said the situation would only be confirmed if Tesla itself has issued an official statement on the matter.
“Please take note that this report is not an official statement from Tesla but quoting an unnamed source.
“Confirmation on the report would have to come from Tesla,” the source told the media.
It is also understood that the reported move could be a commercial decision made by a multinational firm on its global operations, and unrelated to Miti’s initiatives on industrial reforms and improved investment landscape since December 2022.
Yesterday, Thai newspaper The Nation cited a single anonymous government source saying the Elon Musk-linked company will now focus exclusively on developing its charging stations, but was vague about its plans for Malaysia and Indonesia.
“Tesla is currently only discussing charging stations, with the factory plans suspended not just in Thailand but worldwide. They are not proceeding in Malaysia, Indonesia, or anywhere else except for China, America, and Germany,” the unnamed source was quoted as saying.
Malay Mail was not able to immediately verify this news report independently.
The Thai government source was reported saying the decision follows the lay-offs of a team of Tesla executives who visited South-east Asia’s second-largest economy last year between November and December.
Tesla opened its Malaysian head office in Cyberjaya, Selangor late last year.
Malaysia’s International Trade and Industry Ministry also announced on March 1 that Tesla would be introducing a minimum of 50 EV charging stations nationwide as well as what it called its “experience centres” as well as its “Supercharger network” in the country.
Last month, Tesla shares tumbled 12 per cent after posting its lowest quarterly profit margin in five years, with earnings per share missing estimates for the fourth consecutive quarter.
It was the biggest one-day percentage drop in Tesla’s stock since 2020, and it left Tesla’s market capitalisation at just under US$700 billion, down from over US$1 trillion in 2021.
