Tesla (Thailand) Co., Ltd. quietly registered in Thailand on April 25th to a business address at All Seasons Place on Witthayu, a registered subsidiary of electric vehicle (EV) manufacturer Tesla Inc.

This news follows in the wake of a number of preferential policies from Thailand’s authorities to push EVs, including a promise from the current government to make Thailand a hub for EV manufacturing and B3 billion to subsidize the price of electric vehicles.

However, with a registered capital of B3 million according to the Department of Business Development, Bangkok Tesla fans shouldn’t get too excited about a factory popping up any time soon. The company’s formal description includes the selling of electric vehicles, as well as “sell energy storage systems and energy production systems.”

Earlier this month, Thailand’s authorities reduced import tariffs on electric vehicles by 40% on cars with a suggested retail price of no more than B2 million, 20% on more expensive vehicles. Following the government’s preferential policies, Tesla adds to the nearly dozen major players—including Benz and BMW—vying for Thailand’s EV push, with Great Wall Motor and MG Camp pledging 2,000 EVs for sale in Thailand.

As of Tuesday, Tesla stock was at an 11-month low following predictions of fewer vehicle deliveries this year, and the would-be-king of Twitter, Elon Musk, has been courting controversy since leveraging 10% of his stake in Tesla to buy the social media giant.