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Tesla Motors, a U.S. premium electric carmaker, is preparing to enter the Korean market by completing the registration of its Korean unit with the local authorities, Yonhap news agency reported Friday.
According to the Supreme Court and inside sources in the auto industry, Tesla registered the corporate name of “Tesla Korea Ltd.” here on Nov. 13.
The corporate registration documents state Tesla general counsel Todd A. Maron and director Susan Jean Repo as co-CEOs with a total capital of 100 million won ($84,400).
The office was registered at a building near Seolleung station in Gangnam, southern Seoul.
There had been rampant speculation that Tesla is planning to enter the Korean market, which gained credibility when Tesla posted a job opening for a vice president position for sales in Korea and Japan in July.
However, exactly when Tesla will enter the Korean market is still unclear as South Korea’s electric car infrastructure is in its nascent stages, the news report said.
Tesla cofounder and CTO JB Straubel had said at the Energy Korea Forum 2015 held in Seoul last month that Tesla is “committed” to entering the Korean market though the exact time frame is unclear.
“Korea is a market we plan to expand into, but I can’t give you a specific date just quite yet,” Straubel said in November. “We will do it as soon as we realistically can for our growth plan. We are still a relatively small company and we need to be careful.”
By Sang Youn-joo (sangyj@heraldcorp.com)
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Articles by Korea Herald
