Shares of Tesla Inc. TSLA rose 0.3% in premarket trading Monday, after The Wall Street Journal reported that the electric vehicle giant is in talks to set up a manufacturing facility in the Kingdom of Saudi Arabia. Citing people familiar with the discussions, the 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’s gain comes after it had gained as much as 1.1% intraday Friday toward a 2-month high 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%. The stock has gained 5.3% over the past three months through Friday, while the S&P 500 SPX has edged up 0.9%.

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