Elon Musk denies Tesla (NASDAQ: TSLA) is in talks with Saudi Arabia

Last updated: 11:40 AM EST

Elon Musk denied a Wall Street Journal Report that Tesla (Nasdaq: Tesla) Early discussions are underway with Saudi Arabia about establishing a manufacturing facility. Musk took to X to write “another completely false article from the Wall Street Journal.”

First Published: 9:08 AM EST

EV major Tesla may be in early discussions with Saudi Arabia about setting up a manufacturing facility within the kingdom as part of its ambitious plan to secure base metals for electric cars and diversify its oil-dependent economy, according to a new report. Wall Street Journal a report.

Negotiations are preliminary and may face complications due to the controversial relationship between Tesla CEO Elon Musk and the Saudis. Saudi Arabia is also seeking minerals needed for electric vehicles from countries such as the Democratic Republic of the Congo. One proposal involves providing financing to commodities trading company Trafigura for a Congo cobalt and copper project to supply Tesla. The move could help Tesla achieve its goal of selling 20 million cars annually by 2030.

A successful deal would help Saudi Arabia attract foreign investment and enhance its efforts to access and refine minerals for renewable energy. Tesla currently manufactures electric cars in the US, China and Germany and has plans to open a Gigafactory in Mexico.

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Overall, analysts remain on the sidelines on TSLA stock with It has a consensus rating based on 11 buys, 12 reviews, and five sells.

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