In a social media post today, billionaire and Tesla, Inc. (NASDAQ:TSLA) Chief Elon Musk revealed that his companies are set to invest in Argentina, signaling strong support for the nation's growth.
"My companies are actively looking for ways to invest in and support Argentina," Musk posted on X, formerly Twitter.
According to the Harvard International Review, Chile, Argentina, and Bolivia—together referred to as the "Lithium Triangle"—hold more than 75% of the world's supply beneath their salt flats. Lithium is a critical component in electric vehicle batteries.
Musk's post drew a response from the Argentine President Javier Milei, who shared the Tesla and SpaceX CEO's post again.
Not to forget, Musk has previously expressed admiration for Argentine President Javier Milei's libertarian policies and his strong support for private enterprise, reported Reuters. In April, the billionaire welcomed Milei to a Tesla factory in Austin, Texas.
Also Read: Elon Musk Said To Be In Talks With India's Richest Man To Help Establish Tesla Factory
According to a report from Statista, Argentina is poised for substantial growth in the electric vehicle market, with a projected revenue of $22.2 million by 2024. This growth is anticipated to be fueled by an annual growth rate of 10.62% from 2024 to 2029, leading to an estimated market volume of $36.7 million by 2029.
If it materializes, Musk's investment in Argentina may catalyze this growth, potentially accelerating the development of the electric vehicle market and enhancing infrastructure, innovation, and consumer adoption in the country.
Price Action: TSLA shares are trading higher by 0.93% to $252.36 at the last check on Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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