Tesla CEO meets Mongolian PM for potential investment
Tesla CEO Elon Musk has held a virtual meeting with Mongolian Prime Minister L. Oyun-Erdene to discuss potential investment opportunities in Mongolia's resource-rich industry. Mongolia possesses reserves of rare earth metals and copper, which are crucial for the electric vehicle (EV) industry. The country is home to one of the world's largest copper mines being developed by Rio Tinto.
Tesla has been actively working with miners and jurisdictions to secure battery metals for its suppliers and its own battery cell production. By investing in resource-rich countries like Mongolia, Tesla aims to ensure a stable supply of essential minerals and metals, reducing its reliance on external sources and potential supply chain disruptions. The specifics of Tesla's potential investment in Mongolia are not known, but it reflects the company's commitment to securing resources and expanding its presence in key markets.
We have now learned that Mongolian Prime Minister L. Oyun-Erdene met with Elon Musk in a virtual meeting today to discuss a “range of issues and potential cooperation,” according to a statement from the government.
They reportedly discussed a potential joint research venture:
The Prime Minister and Musk also discussed a joint research venture on the use of rare earth elements and battery minerals, which are the main raw materials of Tesla’s products. These materials could also support the electric engine for large-scale mining materials and comes on the back of the commencement ceremony of the Oyu Tolgoi copper mine in March 2023. The two sides also discussed the establishment of a scholarship training programme for talented Mongolian engineers at Tesla.
Musk and the prime minister discussed the former visiting Mongolia soon to further discuss potential cooperation.
Electrek’s Take
Mongolia would be an interesting resource hub for Tesla considering its proximity to China, which has become a manufacturing hub for Tesla.
As for a potential vehicle factory, that feels like a stretch, but I could see Tesla establishing maybe a metal processing factory there.
Also interesting: A shortage of copper foil will drive up prices for the red metal – learn more in a review by Metals Wire expert
