Saudi Arabia has been wooing Tesla with the right to purchase certain quantities of metals and minerals the company needs for its electric vehicles, the Wall Street Journal reported
to set up a manufacturing facility in the kingdom, the Wall Street Journal reported on Monday, citing sources familiar with the matter.
The kingdom has been trying to shift its economy away from oil, while its sovereign wealth fund is the majority investor in Lucid Group, one of the EV startups looking to challenge Tesla’s dominance of the industry. A Trafigura spokesperson said the trader was reviewing its options for the Mutoshi project in Congo amid rising costs and persistently low cobalt prices.
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