To discuss Tesla’s investment in Malaysia, Elon Musk and Malaysian Prime Minister Anuar Ibrahim met virtually. In a press release on Friday, July 14, Anuar Ibrahim made this announcement.
The prime minister expressed his appreciation for Tesla’s interest in Malaysia and its intention to invest there in a statement. Elon Musk, the company’s CEO, was ready to travel to Malaysia, he added.
Not just as a market for its cars, Malaysia appears to be of interest to Tesla. The business revealed its plans to begin producing solar panels in Malaysia last year and filed a subsidiary there.
Despite being one of the biggest oil producers in the region, Malaysia’s government has been actively promoting the development of renewable energy in recent years. Malaysia authorized plans in 2019 to transition to renewable energy, particularly solar energy.
Less than 1% of the nation’s total electricity is generated by solar energy, according to the Malaysian Ministry of Energy. The administration of the nation, however, intends to substantially raise this number in the ensuing years.
Tesla’s investment in solar energy in Malaysia could pay off handsomely. One of the biggest solar panel producers in the world, First Solar, is based in Malaysia.
Tesla is aggressively building its line of residential batteries and solar panels. It is important to remember that Tesla purchased SolarCity, a company that specialized in the production of solar panels, in 2016.
The company’s introduction of solar panel manufacturing there could be one of the potential avenues for the growth of its partnership with Malaysia. Additionally, Tesla now produces its cars in China, and in the future, the business may think about expanding to other Asian nations.
The expansion of cooperation between the company and the nation in the area of renewable energy is given new impetus by the meeting between Tesla CEO Elon Musk and Malaysian Prime Minister Anuar Ibrahim. The potential for solar energy development in Malaysia is quite positive, and working with Tesla might be a crucial first step.