Update: While reacting to this story, Musk has denied the report writing on X “Yet another utterly false article from WSJ”.
Original Story: Media reports reveal that Saudi Arabia in early talks with Elon Musk led EV maker Tesla to set up a manufacturing factory in the Gulf nation.
According to a report by WSJ, Saudi Arabia is alluring Tesla with deals such as offering high quantities of certain metals and minerals that the company needs to build EVs. It is being said that Arabia is making these efforts in order to grow its manufacturing sector and grow investment.
One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and copper project, which could help provide a Tesla factory with supplies, the WSJ report said.
A Trafigura spokesperson said the trader was reviewing its options for the Mutoshi project in Congo amid rising costs and persistently low cobalt prices.
Tesla did not immediately respond to Reuters requests for comment, while Saudi Arabia’s sovereign fund, the Public Investment Fund, declined to comment. Currently, Tesla has six factories and the working on the seventh factory in Mexico.
(via – Reuters)