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Tesla's Saudi Arabia Saga: Musk Refutes Expansion Claims
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Tesla's {{ m-tag option="price" ticker="TSLA" currency="USD" }} exploratory talks with Saudi Arabian authorities for a potential manufacturing setup, Elon Musk has categorically denied such claims. The CEO took to his social media platform "X" to dismiss the report as "utterly false." While Tesla aims to sell 20 million vehicles by 2030, requiring approximately 12 new global manufacturing facilities, Musk's denial puts to rest speculations about Saudi Arabia being one of those locations. Tesla's share price experienced a rollercoaster, peaking at $272.13 before closing the week 8% lower.

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VinFast's Stellar Quarterly Report:
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VinFast Auto {{ m-tag option="price" ticker="VFS" currency="USD" }}, the Vietnamese automaker, has reported a staggering 131.2% increase in Q2 revenue, amounting to 7.95 trillion Vietnamese dong ($327 million). The company delivered 9,535 vehicles in Q2, a fivefold increase compared to Q1. Despite its history of losses, the company's Wall Street debut valued it at approximately $85 billion, surpassing Ford {{ m-tag option="price" ticker="F" currency="USD" }} and General Motors {{ m-tag option="price" ticker="GM" currency="USD" }}. VinFast plans to ship around 3,000 VF8 crossover vehicles to Europe in Q4, capitalizing on the EU's scrutiny of Chinese EV manufacturers. The company's shares closed the week at $15.63, down by 3%.

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European EV Market:
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Data from the European Automobile Manufacturers Association (ACEA) reveals that over 20% of all new cars sold in the EU were fully electric for the first time. Leading European car manufacturer Volkswagen {{ m-tag option="price" ticker="VLKAF" currency="EUR" }} reported a 21.2% increase in sales, while Stellantis
{{ m-tag option="price" ticker="STLA" currency="USD" }} and Renault {{ m-tag option="price" ticker="RNLSY" currency="EUR" }} also saw sales growth of 6.4% and 22.3%, respectively.

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The Global Surge in EV Sales:
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Mirroring the tale of King Canute's futile attempt to stop the tide, the global electric vehicle market is showing signs of unstoppable growth. Despite policy resistance from various governments, including attempts to curb low-cost EV imports from China and subsidy cuts, EV sales' momentum remains robust.

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Marelli's Plant Closure & Job Losses:
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Italian car parts manufacturer Marelli announced the closure of one of its 15 plants, attributing the decision to falling demand for internal combustion engines and rising operational costs. This move could be a precursor to similar actions globally, affecting job markets and manufacturing sectors in the US, Europe, the UK, and beyond.

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Australia's EV Market:
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Australia has seen a 291% increase in battery-electric vehicle (BEV) sales, contributing 7.2% of total car sales in the first eight months of 2023. Despite the end of the New South Wales subsidy, the market share of electric vehicles is projected to rise significantly, potentially reaching up to 10% by the end of December 2023.

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Conclusion:

The global electric vehicle market is defying all attempts to slow it down, much like the relentless tide that King Canute once tried to control. With significant contributions from companies like Tesla and VinFast and a favorable market environment in Europe and Australia, the electric vehicle sector is poised for exponential growth.

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The information on mexem.com is for general informational purposes only. It should not be regarded as investment advice. Investing in stocks involves risk. A stock's past performance is not a reliable indicator of its future performance. Always consult a financial advisor or trusted sources before making any investment decisions.
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