Elon Musk’ Tesla Factory Postponement Is Another Slap on RI’ Face

By Editorial Team 15/08/2023
Tesla Model X
Summary

Coordinating Minister for Maritime Affairs and Investment Luhut Binsar Pandjaitan said that US-based electric car manufacturer Tesla Inc (TSLA.O) has decided to postpone its plan to build an electric car factory in Indonesia. Luhut’s announcement can be seen in a video uploaded on his personal Instagram account, @luhut.pandjaitan, on Monday.

Luhut said that Tesla Inc CEO Elon Musk had decided not to invest anywhere due to some reasons, like Tesla’s overproduction condition and the global economic conditions that have not improved.

“So he [Elon Musk] and the board of management decided not to invest anywhere for now. I repeat, not to invest anywhere for now,” Luhut said in the video.

Luhut said that Tesla was currently facing overproduction. Out of the 3 million new production units, only 1.8 million units were sold. Therefore, Elon wanted to avoid suffering the same fate as General Motors (GM), which went bankrupt due to oversupply.

Elon also said that the Tesla electric car factory in Mexico would be put on hold and not produce anything until he comprehended the market better.

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