Elon Musk's Tesla is reportedly in early-stage discussions with Saudi Arabia to establish a manufacturing facility, a move that could prove controversial based on the blowback over the country backing LIV Golf and its eventual merger with the PGA. Musk took to his own Twitter/X platform to deny the story, calling it a 'false article.'
Saudi Arabia has been enticing Tesla with the right to purchase certain quantities of metals like cobalt from countries such as the Democratic Republic of Congo. The kingdom is also considering extending financing to commodities-trading giant Trafigura for a Congo cobalt and copper project, which could ultimately supply a Tesla vehicle factory.
However, the talks are at a very early stage and could fall apart due to various complications. Tesla CEO Elon Musk has had a contentious relationship with the Saudis, and the kingdom already has a partnership with Tesla’s electric-vehicle rival, Lucid. Lucid is majority-owned by the Saudi Public Investment Fund and is expected to start production in the kingdom soon. When Musk made his
that he had “funding secured” to take Tesla private, he claimed it was the Saudis who would fund the deal. The Saudi Public Investment Fund has previously invested in various sectors, including sports. Earlier this year, the . Despite facing criticism for ‘sportswashing’ and human rights violations, the deal went through, showcasing Saudi Arabia’s growing influence in various industries.
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