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Elon Musk Denies Report Of Plans To Build A Tesla Factory In Saudi Arabia

Elon Musk has denied a report by the Wall Street Journal saying Tesla was in talks with Saudi Arabia to build an EV factory in the Kingdom.

In an X post, the Tesla CEO said “Yet another utterly false article from WSJ,” without going into any details.

The Wall Street Journal wrote on Monday that Saudi Arabia and Tesla were in talks concerning the potential construction of an EV factory in Saudi Arabia. Citing unnamed sources, the WSJ report noted the talks were at an early stage.

The report also pointed out that the outcome of the talks was highly uncertain because of “Tesla Chief Executive Elon Musk’s contentious relationship with the Saudis” and the presence of Tesla's rival Lucid Motors, majority owned by the Saudi state.

Meanwhile, a day earlier, ZeroHedge reported that Musk had met with Turkey’s president, Recep Tayyip Erdogan, to discuss a Tesla factory. The Turkish state news agency Anadolu confirmed the report, posting pictures from the meeting, which took place in New York City.

Tesla has a target of 20 million car sales per year by 2030. To do this, it would need to double the number of its factories, which currently amount to six. This is what Musk said last year in August, sparking a rush of speculation about where the next facilities would be built.

The existing factories that manufacture Teslas are located in the U.S.—four of them—Germany, and China. Earlier this year, Tesla began talks with the Indian government for a factory on the subcontinent.

Tesla had plans to set up shop in India last year but scrapped those plans when the Modi government refused to lower import taxes on cars—these taxes in some cases reach 100%, which would make Teslas prohibitively expensive. The idea of the government was to motivate Tesla to manufacture cars locally rather than import them.

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By Charles Kennedy for Oilprice.com

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