The report comes just hours after Turkish President Tayyip Erdogan asked Tesla CEO Elon Musk to build a vehicle factory in Turkey, according to the country's communications directorate. 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. One 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. Musk said in May Tesla would probably pick a location for a new factory by the end of 2023. Tesla has a goal to sell 20 million vehicles a year by 2030, up from around 1.3 million in 2022.

Source: Wall Street Journal September 19, 2023 11:59 UTC