Lucid Group Looks On in Apprehension as Saudi Arabia Actively Courts Tesla [Update: Elon Musk Lashes Out]
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With the UAW strike guaranteed to make Tesla an indomitable force on its home ground, key markets across the globe are now clearly seeing the writing on the proverbial wall, as illustrated by the fact that both Turkey and Saudi Arabia have approached Tesla in recent days to set up a manufacturing footprint within their respective territories.
Tesla, Saudi Arabia in Early Talks for Vehicle Factory--Sources -- WSJ
Saudi Sovereign Wealth-Fund Approached Tesla in Recent Weeks --Sources -- WSJ
Saudi Has Touted Access to Metals From Countries Including Democratic Republic of Congo--Sources -- WSJ$TSLA…
— *Walter Bloomberg (@DeItaone) September 18, 2023
As per the reporting by the Wall Street Journal, Tesla and Saudi Arabia are currently engaged in preliminary talks over setting up an electric vehicle manufacturing plant within the Kingdom, with the Saudi PIF acting as a key intermediary for the talks. The Kingdom has reportedly offered Tesla preferential access to metallic ores and minerals that are essential for manufacturing EVs. This inducement has been made possible by the fact that the Saudis are already negotiating with the government of the Democratic Republic of Congo (DRC) to purchase vast troves of the country's mineral assets. Bear in mind that the DRC supplies 70 percent of the world's demand for cobalt.
As per the intricate discussions that are reportedly taking place behind the scenes, the Saudis are considering the injection of new capital in a distressed cobalt and copper mining project within the DRC. The new funding would be routed through the commodities trading giant
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