This is the first financial move by the parent company, which has already led Tesla’s incursion into several markets.
The initial name for Elon Musk's company was established in Chile. Then Tesla Chile SpA’s share capital was increased through an investment by Tesla International B.V., which is the company's sole local shareholder. Its business in Chile will begin in January 2024.
The Diario Financiero reported that the Netherlands-based company has invested US$3.6 million into the Chilean subsidiary, which will be represented by over 3 million shares.
This is the first financial move by the parent company, which has already led Tesla’s incursion into several markets.
DF MAS announced in November that Elon Musk's company formed a Board of Directors in Chile consisting of the U.S. executives David Jon Feinstein, Kenneth Moore and Jeffrey Munson. Advisors to this process were DLA Piper Chile, Carey and KPMG.
They have also had meetings with Chilean authorities. Company executives visited Chile during the summer of 2023, when they met with the Mining Ministry, Corfo and the Undersecretary of International Economic Relations.
Another visit took place on September 20, when the Mexican Eugenio Grandio, Tesla’s Business Policy and Development Advisor for Latin America, met with Claudio Maggi, Director of Corporate Affairs at Corfo. The objective was to learn more about Chile's preferential lithium price scheme.
Meanwhile, the position of CEO for the firm in Chile was published on the social network Linkedin, which resulted in more than 5,400 applications. The job description reads «Tesla Motors is looking for a Country General Manager Chile to help launch the company on the market. You will be our brand ambassador in the marketplace and play a key role in shaping our corporate image, while accelerating the transition to sustainable energy».
This South American country is the second largest lithium producer world-wide and holds about 45% of the world's reserves. Furthermore, it is estimated that lithium produced in Chile has the lowest carbon footprint in the world.