Tesla's Saudi Arabia expansion rumors dispelled by Musk: This week in EVs
Investing.com — Here is your weekly Pro Recap of the past week's biggest headlines in the electric vehicle space: Elon Musk claims WSJ report ‘utterly false’; VinFast posts impressive results; and EVs are taking over EU.
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Conflicting reports have emerged this week regarding Tesla's (NASDAQ:TSLA) potential expansion plans in Saudi Arabia. Initially, The Wall Street Journal reported that the EV giant was in preliminary discussions with Arab government about establishing a manufacturing facility in the country. Citing unnamed sources, the report highlighted potential challenges stemming from the complex relationship between Tesla's CEO, Elon Musk, and Saudi officials, as well as Saudi Arabia's existing collaboration with electric vehicle competitor Lucid Group (NASDAQ:LCID).
If a deal were to materialize, it could have a significant impact on Tesla's ambitious goal of selling 20 million vehicles annually by 2030, as Elon Musk has previously suggested. This objective might require around twelve additional manufacturing facilities worldwide. Currently, Tesla manufactures vehicles in the United States, China, and Germany, with plans to expand operations into Mexico.
However, the story took an unexpected turn when Elon Musk himself took to his social media platform «X» to deny The Wall Street Journal's report. Musk dismissed the article as «another utterly false article from the WSJ.»
The Wall Street Journal had based its report on information from unnamed sources who acknowledged that the talks between Tesla and Saudi Arabia were still in their early stages and could potentially fall apart.
Shares of TSLA reached a weekly high of $272.13 on Wednesday before ending
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