Tesla, Saudi Arabia in early talks for EV factory – WSJ

Tesla, Saudi Arabia in early talks for EV factory – WSJ

Saudi Arabia is reportedly in early discussions with Tesla to establish a manufacturing facility in the country, according to sources familiar with the matter cited by the Wall Street Journal. This news comes shortly after Turkish President Tayyip Erdogan requested Elon Musk to build a vehicle factory in Turkey. Additionally, Musk is scheduled to meet with Israeli Prime Minister Benjamin Netanyahu in California today.

The report states that Saudi Arabia has been enticing Tesla by offering the right to purchase specific quantities of metals and minerals needed for electric vehicles from countries like the Democratic Republic of Congo. The kingdom is actively working to diversify its economy away from oil and its sovereign wealth fund is a major investor in Lucid Group, an electric vehicle startup aiming to challenge Tesla’s dominance.

One proposal being considered by Saudi Arabia involves providing financing to commodities trader Trafigura for a struggling cobalt and copper project in Congo. This could potentially supply a Tesla factory with necessary resources. Trafigura has stated that it is reviewing its options for the Mutoshi project due to rising costs and consistently low cobalt prices.

Tesla and Saudi Arabia’s sovereign fund, the Public Investment Fund, have not yet responded to requests for comment. Elon Musk previously mentioned that Tesla would likely select a location for a new factory by the end of 2023. Currently, Tesla operates six factories and is constructing a seventh in Mexico.

Tesla has set a goal to sell 20 million vehicles annually by 2030, a significant increase from the approximately 1.3 million vehicles sold in 2022.

The article was reported by Samrhitha Arunasalam and Arpan Varghese in Bengaluru and Rachna Uppal in Dubai, with editing by Arun Koyyur. The Thomson RushHourDaily Trust Principles apply to this report.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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