Tesla Eyes Argentina Investment, Expands Global Presence

Image credit: Joe Tegtmeyer/X

Tesla is considering investing in Argentina to further its growth and development. The company is preparing to launch in the Philippines, strengthening its position in the US and China, and more in today's news roundup from Jowua.

Potential Investments in Argentina

Elon Musk met with Argentine President Javier Miley in New York this week. According to Argentine presidential spokesperson Manuel Adorni, the two discussed a variety of topics, including potential investments by Musk's companies in the country. Later, in response to an X post with a video of the two leaders meeting, Musk wrote: “My companies are actively looking for ways to invest in and support Argentina.”

Argentina is the fourth-largest lithium producer in the world. Lithium is a key component in the production of batteries for electric vehicles, so a potential partnership could bring significant benefits to both Tesla and Argentina.

Tesla Expanding to the Philippines

The company recently began recruiting sales staff in the Philippines, the first hint of a launch in the country. Now, Tesla has been spotted building its store in Taguig at the Uptown Bonifacio shopping district. Some local media outlets have reported that the company is aiming to begin sales in the country by the end of this year.

Model Y Poised to Become the Best-Selling Car in the US in 2024

Tesla’s electric compact SUV was already the best-selling car in the world in 2023. While it was a sales hit in many markets around the world, it was still lagging behind local leaders in the US. However, that could change this year. Wolfstreet data showed that, in the first half of the year, Model Y took a 2.8% market share in the US, closely matching Toyota RAV4. The calculation also shows that the electric SUV has a good chance of ending the year as the top-selling car in the US.

Tesla Gains Ground in China

The company is on track for its strongest quarter ever in China. According to the data, Tesla sold 46,227 vehicles domestically in June and 63,456 in August. For the first three weeks of September, the number is approximately 46,200 units. That is already 155,883 units, although there is still a full week ahead that will see the busiest deliveries of the month.

Tesla Megapacks to Power Largest Solar Project in the US

Tesla will supply its utility-scale batteries Megapack to Utah-based rPlus Energies to power the Green River Energy Center. This 400-megawatt solar PV and 400-megawatt/1,600-megawatt-hour battery storage project in eastern Utah will be one of the largest solar power generation and storage projects under development in the US. Once operational, the facility will supply power to PacifiCorp.