Elon Musk says the rumors of a Tesla facility in Saudi Arabia are
He denied the report on a post on X social media platform, while Saudi Arabia's sovereign fund, the Public Investment Fund, declined to comment.
Saudi Arabia has been wooing Tesla with the right to purchase certain quantities of metals and minerals the company needs for itsThe kingdom has been trying to shift its economy away from oil, while its sovereign wealth fund is the majority investor inOne 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. 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.
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