Saudi's $2B Bet on Electric Cars
World’s biggest oil exporter is betting $2 billion on electric cars
Saudis buy major stake in Tesla.
The Financial Times reported Tuesday that Saudi Arabia has acquired an “undisclosed stake of between 3 and 5 per cent of Tesla’s shares this year.” The position is worth some $2 to $3 billion, making the Saudis “one of Tesla’s largest shareholders.”
In other words, the world’s biggest oil exporter — whose entire economy is built around more than $100 billion in oil and oil-related exports a year — has placed a massive bet on the company whose entire goal is transitioning the world off of oil.
The investment came from Saudi Arabia’s $230 Public Investment Fund (PIF), which is the Saudi’s “sovereign wealth fund” — a state-owned investment vehicle.