Tesla Expansion Rumors in Saudi Arabia, Shares Decline

Tesla CEO Elon Musk has denied rumors of his company’s future expansion in Saudi Arabia. However, Musk reportedly had early discussions with the Arab government about building a manufacturing plant in the country.

Tesla shares declined 0.83% to $244.05 in the pre-market trading on Monday amid the alleged expansion to boost the worldwide electric vehicle (EV) market.

According to reports, there were future challenges from Musk’s relationship with Saudi officials and the country’s partnership with EV rival Lucid Group.

Analysts predicted that the potential deal could help Tesla achieve its goal of selling 20 million vehicles annually by 2030. Such a plan may need twelve more manufacturing facilities around the world.

However, Musk changed the story by posting on X that the report was “utterly false.” The news platform has said it based its report on unnamed sources. They recognized that the discussions between the US carmaker and Saudi Arabia are still preliminary and may not proceed.

Tesla EV manufacturers are in the US, China, and Germany and plan to expand in Mexico.

Elsewhere, the European Automobile Manufacturers Association (ACEA) saw the country’s car market grow in August, boosted by more robust EV demand. The ACEA revealed that nearly 20.00% of newly bought European Union (EU) cars were fully electric.

Tesla Aims to Increase Workforce in Texas

Tesla is targeting to add 60,000 people to its workforce at its Gigafactory in Texas once its Cybertruck launches.

According to reports, Musk aims to increase staffing to bolster Cybertruck production. The EV maker was also prompted to expand its manufacturing plant due to a bigger parking space.

At the annual shareholders meeting in May, Musk revealed that the Cybertruck delivery will happen this year. He expects to sell 20,000 to 50,000 units annually once production soars.

Currently, the EV giant page has seen numerous job openings. The job hiring included positions in the finance, construction and facilities, changing, supply chain, sales, and customer support departments.


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