A few days Elon Musk’s Tesla, the US giant specialising in electric cars, energy storage and solar panel manufacturing has reportedly set up Tesla Greece, which would lead to the establishment of a R&D hub in Athens, Greece.

According to Greek media reports, Tesla Greece was officially registered a few days ago and it is expected that in the next few months it would recruit up to 50 dedicated R&D staff.

Reports suggest that the Silicon Valley company, one of the world’s biggest technological firms, has been engaged in talks with Greek government officials over the past few months.

The Athens operation will be Tesla’s fourth R&D hub in Europe. The company has two hubs in the Netherlands and one in Germany.

Analysts say, that if confirmed, the move by Elon Musk’s company will have enormous benefits for the Greek economy and also will inspire many in the technology industry to make similar movements: set up and run their R & D Hub in Greece.

Greece – especially Thessaloniki, Athens, Volos and Patra – provides a great talent tank in developers, engineers and technology experts.

Similar like Elon Mask’s movements would benefit likewise technological companies because of:

  • the talented and high academic background of the manpower in Greece,
  • the low employment costs due to the recent financial crisis that Greece is into and
  • the low operational costs for setting up and running an R & D hub in Greece and
  • the intelligent tax-free business model of such strategic movement.

If you have a technological company and want to reduce significantly your R & D costs, Greece could be the right option for you.