(Bloomberg) — Emmanuel Macron tried to convince Elon Musk on Monday that France is a hub for foreign investment and electric cars as the president tries to attract global corporations to his country.
Macron and Musk, the head of electric car maker Tesla Inc. and the world’s richest user at the moment, discussed progression in the electric vehicle and energy sectors at the presidential palace, Macron tweeted.
After also meeting with Finance Minister Bruno Le Maire, Musk said he is “confident that Tesla will make significant investments in France in the future,” according to Agence France Presse. “I am very inspired by the welcome that President Macron and the French government have had. “given to industry,” he told AFP.
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Earlier, Le Maire told BFM TV that negotiations were underway with Musk regarding imaginable investments in France, without elaborating.
Macron and Musk discussed the reaction of Europe and France to U. S. President Joe Biden’s green subsidy plan known as the Inflation Reduction Act, according to a Macron aide who asked to be appointed in accordance with the policy.
The legislation, which will provide some $369 billion in subsidies and tax credits over the next decade for blank energy systems in North America, has been a point of contention between the United States and the European Union.
Brussels has said some aspects of the bill would unfairly discriminate against European corporations and is calling for an exemption for European corporations. The EU is still trying to figure out to what extent the law will have an effect on the bloc’s economy.
The meeting with Macron took a position on the sidelines of a meeting of some two hundred global business leaders that the president invited to Versailles to show his ability to attract foreign investment. Macron, who is still grappling with deep-seated opposition to his pension reform, said his visitors had pledged some thirteen billion euros ($14. 1 billion) in new investments.
The meeting with Musk, who arrived in a gray Tesla with swing doors, lasted about forty-five minutes. At the beginning of the meeting, Musk, sitting to Macron’s left, laughed awkwardly and waved to the camera with his hands in his lap. .
Macron and Musk were due to meet Monday with business leaders the president had summoned to Versailles for a roundtable and dinner, the aide said.
Macron tried to restart his momentary rule after a war to raise the retirement age that dented his popularity. To this end, he announced measures to counter France’s trade decline.
Macron said he would scrap state bonuses meant to inspire the acquisition of electric cars when models have a dirty carbon footprint, potentially targeting Chinese-made cars. On Tuesday, the government will provide a bill it describes as a way to make the industry greener. which will come with the main points of a premium that Macron says is expected to gain advantages for European producers.
Macron’s interest in Musk has surprised some in the French auto industry, which has been competing with Tesla since the Texas-based automaker cut the value of its Model 3 and Model Y models. Shares of Renault SA and Peugeot Stellantis NV suffered as investors worried about dignified cuts.
In his efforts to increase France’s visibility among investors, Macron has mainly focused on making northern France a hub for the production of batteries for electric cars and similar materials. Running is low.
Ongoing negotiations
Tesla’s Berlin is already reversing its battery production plans, as the automaker’s global production network has grown at breakneck speed.
Macron met Musk during his vacation in the United States last year, in New Orleans. At the time, Macron said the two men had an “honest” discussion about content moderation on Twitter and also talked about making electric cars and batteries. The 45-year-old man. The former chairman had criticized Twitter’s CEO for relaxing its content verification policies, adding misinformation about Covid-19.
The two would also possibly have discussed cooperation in New Caledonia, a French territory in the South Pacific, where Tesla pledged to buy nickel from a struggling factory subsidized by the French government, as well as SpaceX, which launches satellites from Paris: satellite operator. founded Eutelsat SA. Macron has also sought to provide Paris with a tech hub to attract corporations such as Twitter, which Musk acquired last year.
—With that of Elisabeth Behrmann, Albertina Torsoli and William Horobin.
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