Tesla Inc TSLA CEO Elon Musk is scheduled to meet Brazil’s President Jair Bolsonaro in Sao Paulo on Friday, Reuters reported, citing Brazilian daily O Globo.
What Happened: Musk and Bolsonaro are expected to discuss a potential partnership on rural connectivity and deforestation monitoring.
The billionaire entrepreneur had in November met Brazil’s Communications Minister Fabio Faria in Texas where they had reportedly discussed using SpaceX’s technology to bring internet to rural schools and cut back on illegal deforestation in the Amazon rainforest.
The meeting will be held near the city of Sorocaba in Sao Paulo state and will be attended by several other business executives, the report said.
SpaceX's Starlink constellation of satellites beams down high-speed internet services, especially to the most remote areas on earth.
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Why It Matters: Brazil has long been seen as an automotive export hub. Tesla, which has recently set up Giga factories in Germany and Texas is known to be scouting for more factory locations across the globe.
Bolsonaro has reportedly been trying to lure Tesla to Brazil and is known to have discussed a plan to attract the automaker to build a factory in the country in 2020.
Price Action: Tesla closed marginally down at $709.4 on Thursday.
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