September 19, 2023
2 mins read

Musk’s Tesla In Talks For Saudi EV Factory

Saudi Arabia is in talks with Tesla about setting up a manufacturing facility in the country….reports Asian Lite News

Billionaire Elon Musk, who is still toying with the idea to establish a Tesla factory in India, is in early talks with South Arabia to build a new EV manufacturing facility there, a report claimed on Monday. The Tesla CEO, however, denied any such talks.

According to the Wall Street Journal, citing sources, Saudi Arabia is in talks with Tesla about setting up a manufacturing facility in the country.

This is part of an ambitious push by the oil-rich nation “to secure metals needed for electric vehicles and help diversify its economy away from oil”.

However, any deal would need to overcome hurdles, including Musk’s contentious relationship with the Saudis, the report added.

Musk reached to the report in a post, saying “yet another utterly false article from WSJ”.

They had declined to take Tesla private back in 2018 and the country has a majority stake in rival EV maker Lucid Motors. 

According to the report, much of the talks seem to focus on Saudi Arabia’s desire for Tesla’s help securing more cobalt from Africa.. 

“Kingdom is trying to boost foreign investment but has contentious history with Elon Musk,” the report mentioned.

Tesla, Musk or Saudi Arabia did not comment on the report.

In 2018, after his controversial tweet about taking Tesla “private,” Musk had said that he met with Saudi Arabia sovereign fund representatives to discuss the electric carmaker’s possible exit from the stock market.

Musk said in a statement posted on the Tesla website that the Saudi sovereign fund had first contacted him “at the beginning of 2017 to express (their) interest because of the important need to diversify away from oil”.

The Saudi sovereign fund then owned about 5 per cent of the outstanding Tesla shares.

The report came as Musk is finally building a Tesla supply system via India.

The electric vehicle major is planning to source automobile parts worth up to $1.9 billion this year from India, Commerce Minister Piyush Goyal said last week.

The imports will be around double as compared to auto parts worth $1 billion imported by Tesla from India last year, Goyal said while addressing the annual convention of Automotive Component Manufacturers Association (ACMA).

The minister said that last year, Tesla had already bought $1 billion worth of components from India and this year their target is $1.7-$1.9 billion.

Goyal’s statement came after reports said that the Musk-led company has held talks with the government, and is exploring the possibility of bringing its auto parts and electronics chain to the country.

ALSO READ: Musk vouches to ‘fight for max freedom of speech’ on X

Previous Story

US Losing Global Favor as Russia and China Gain Influence

Next Story

Former UK Cop Alleges Routine Use of Racial Slurs Against Sikhs

Latest from -Top News

Jaishankar Hints at Tariff Deal with US

Jaishankar explained that the ongoing trade tensions largely stem from the inability of both sides to reach a common ground on several issues….reports Asian Lite News External Affairs Minister S. Jaishankar on

Rajnath Singh Heads to Australia for Key Defence Talks

The visit comes at a historic moment when India and Australia commemorate five years of establishment of India-Australia Comprehensive Strategic Partnership…reports Asian Lite News Defence Minister Rajnath Singh will visit Australia from

Multi-alignment, upgraded

With US ties strained and China tense, New Delhi taps Europe’s harder edge for co-development, clean tech and strategic autonomy, writes Manoj Menon India is recalibrating its great-power hedging as frictions with

Reeves urged to break manifesto pledges

Chancellor under pressure as £40bn fiscal gap looms, with critics warning against a “pasty tax” budget of piecemeal revenue raisers…reports Asian Lite News Rachel Reeves is facing growing unease inside Labour’s ranks

Starmer to Visit India on Wednesday

UK and India to cement strategic ties with new free trade agreement and deeper cooperation across defence, technology and climate Prime Minister Keir Starmer will make his first official visit to India
Go toTop

Don't Miss

Musk rebranding Twitter to ‘X’, killing blue bird logo

When another user asked if users will now be called

Twitter poll: Musk sells $5bn of Tesla stock

The world’s richest man had earlier posted two of the