Shares of Tesla Inc.
TSLA,
reversed lower again, to trade down 1.0% in premarket trading Monday, in the wake of The Wall Street Journal report that the electric vehicle giant is in talks to set up a manufacturing facility in the Kingdom of Saudi Arabia. The stock had previously been up as much as 0.6% ahead earlier in the premarket. On Friday, the stock had gained as much as 1.1% intraday, as many see Tesla as a big beneficiary of the UAW strikes affecting the Big 3 automakers, but the stock reversed lower to close Friday down 0.6%. Citing people familiar with the discussions, Monday’s WSJ report said the talks are part of the Kingdom’s push to secure metals needed to make EV and to diversify its economy away from oil. The talks are at a very early stage and could still fall apart, the WSJ reported. The stock has gained 5.3% over the past three months through Friday, while the S&P 500
SPX,
has edged up 0.9%.
