Recently, Tesla set up a new company in Ho Chi Minh City, marking its official entry into Vietnam's electric vehicle market. This is big news, especially since the EV market in Vietnam is growing rapidly, and Tesla's arrival is sure to attract a lot of attention.
Local media reports that the new company is called Tesla Automotive Vietnam LLC, with a registered capital of about $3 million. It was established on September 11 and will focus on the wholesale and retail of electric vehicles, as well as importing, exporting, and distributing Tesla-related products.
However, Elon Musk, Tesla's founder, hasn't commented much on this new venture. Besides electric vehicles, Musk's SpaceX is also active in Vietnam, providing Starlink internet services. The Vietnamese government has approved a five-year testing period for them starting in 2025. It looks like both Tesla and SpaceX are putting down roots here, and the future seems promising.
