Tesla in talks with Saudi Arabia for EV factory: Report

Logo of Tesla 

Saudi Arabia is in early talks with Tesla about establishing an electric vehicle (EV) facility in the Kingdom, sources familiar with the discussion told the Wall Street Journal.  

Saudi Arabia has been luring Tesla with the right to purchase certain quantities of metals the firm needs for its EVs from countries, including the Democratic Republic of Congo. 

One proposal being considered by Saudi Arabia is to provide financing to Trafigura, a commodity trading company, for a stalled cobalt and copper project in the Congo. This could help secure raw materials for a potential Tesla factory. 

Tesla currently has six factories and is building the seventh in Mexico. The company could choose a site for a new factory by the end of 2023, CEO Elon Musk said. 

Tesla targets an increase in production from 1.3 million cars in 2022 to 20 million cars by 2030.