Economic news

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

2023.09.18 08:47


© Reuters. FILE PHOTO: The logo of car manufacturer Tesla is seen at a dealership in London, Britain, May 14, 2021. REUTERS/Matthew Childs/File Photo

(Reuters) -Saudi Arabia is in early talks with U.S. electric automaker Tesla (NASDAQ:) to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.

The report comes just hours after Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey, according to the country’s communications directorate.

Musk is also set to meet Israeli Prime Minister Benjamin Netanyahu in California on Monday.

Saudi Arabia has been wooing Tesla with the right to purchase certain quantities of metals and minerals the company needs for its electric vehicles from countries, including the Democratic Republic of Congo, the report said.

The kingdom has been trying to shift its economy away from oil, while its sovereign wealth fund is the majority investor in Lucid Group (NASDAQ:), one of the EV startups looking to challenge Tesla’s dominance of the industry.

One of the proposals the kingdom is considering involves extending financing to commodities trader Trafigura for a flailing Congo cobalt and 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.

Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. It currently has six factories and is building a seventh in Mexico in northern Nuevo Leon state.

Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.

Source link

Related Articles

Back to top button
bitcoin
Bitcoin (BTC) $ 76,278.44 1.12%
vested-xor
Vested XOR (VXOR) $ 3,405.08 99,999.99%
ethereum
Ethereum (ETH) $ 2,924.90 4.73%
tether
Tether (USDT) $ 1.00 0.13%
solana
Solana (SOL) $ 200.09 6.23%
bnb
BNB (BNB) $ 606.43 1.42%
usd-coin
USDC (USDC) $ 1.00 0.14%
xrp
XRP (XRP) $ 0.557372 2.80%
dogecoin
Dogecoin (DOGE) $ 0.195367 2.65%
staked-ether
Lido Staked Ether (STETH) $ 2,926.35 4.95%
cardano
Cardano (ADA) $ 0.417792 13.85%
tron
TRON (TRX) $ 0.160909 0.54%
the-open-network
Toncoin (TON) $ 4.97 3.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 3,465.39 6.53%
avalanche-2
Avalanche (AVAX) $ 27.93 1.75%
shiba-inu
Shiba Inu (SHIB) $ 0.000019 0.17%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 76,262.43 1.14%
weth
WETH (WETH) $ 2,925.56 4.75%
chainlink
Chainlink (LINK) $ 12.79 3.89%
bitcoin-cash
Bitcoin Cash (BCH) $ 382.67 0.27%
sui
Sui (SUI) $ 2.34 1.52%
polkadot
Polkadot (DOT) $ 4.20 1.71%
leo-token
LEO Token (LEO) $ 6.26 0.64%
usds
USDS (USDS) $ 1.00 1.12%
litecoin
Litecoin (LTC) $ 72.58 1.25%
uniswap
Uniswap (UNI) $ 8.92 4.89%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,074.77 4.72%
near
NEAR Protocol (NEAR) $ 4.34 1.69%
aptos
Aptos (APT) $ 9.85 2.10%
pepe
Pepe (PEPE) $ 0.000011 7.68%
bittensor
Bittensor (TAO) $ 515.76 3.22%
internet-computer
Internet Computer (ICP) $ 7.89 1.02%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.43 0.82%
dai
Dai (DAI) $ 1.00 0.25%
stellar
Stellar (XLM) $ 0.10239 5.14%
ethereum-classic
Ethereum Classic (ETC) $ 20.23 0.12%
monero
Monero (XMR) $ 163.32 1.24%
kaspa
Kaspa (KAS) $ 0.116019 4.16%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.14%
whitebit
WhiteBIT Coin (WBT) $ 19.71 2.10%
aave
Aave (AAVE) $ 182.32 0.45%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.348659 3.14%
blockstack
Stacks (STX) $ 1.70 0.95%
crypto-com-chain
Cronos (CRO) $ 0.093039 7.31%
dogwifcoin
dogwifhat (WIF) $ 2.47 1.83%
okb
OKB (OKB) $ 40.55 2.32%
first-digital-usd
First Digital USD (FDUSD) $ 1.00 0.45%
arbitrum
Arbitrum (ARB) $ 0.585983 4.36%
filecoin
Filecoin (FIL) $ 3.79 1.29%
mantle
Mantle (MNT) $ 0.662493 8.75%