Saudi Aramco poised to bet on lithium
Wall Street Breakfast
Seeking Alpha
4.1 • 1K Ratings
🗓️ 15 January 2025
⏱️ 7 minutes
🧾️ Download transcript
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Transcript
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| 0:00.0 | Welcome to Seeking Alpha's Wall Street Breakfast, where we cover the top news for investors |
| 0:06.8 | every morning. Good morning. Today is Wednesday, January 15th. I'm Julie Morgan. Saudi Aramco |
| 0:14.5 | is looking to diversify. The SEC is suing Elon Musk, and IonQ and the state of Maryland are partnering up. |
| 0:24.1 | Saudi Aramco is planning to boost investments in lithium production. |
| 0:28.7 | The Financial Times reported citing three people close to the company that the world's |
| 0:33.2 | biggest oil company is eyeing developing its own supply chain for the metal that powers |
| 0:38.3 | electric vehicle batteries. The announcement expected today comes as Saudi Arabia aims to build |
| 0:44.6 | facilities for processing lithium commercially in three to five years, with plans for refining |
| 0:50.5 | and exports. Saudi Arabia's Vision 2030 program includes unlocking about $1.3 trillion |
| 0:57.6 | in mineral resources and a focus on EVs to diversify its economy from oil to other sectors. |
| 1:05.1 | The country is building an EV manufacturing hub aiming for 30% of all cars in Riyadh to be electric by 2030. |
| 1:13.5 | Lucid Motors, which is majority owned by the sovereign wealth public investment fund, |
| 1:18.7 | has been assembling cars in Saudi Arabia since 2023. |
| 1:23.3 | PIF is also launching its own EV brand called Sear. |
| 1:28.6 | The SEC is suing Elon Musk over allegations that he failed to disclose significant purchases of Twitter stock in 2022 in the required time period. |
| 1:39.3 | The agency's lawsuit states that as a result, Musk was able to continue purchasing shares at artificially |
| 1:45.5 | low prices, allowing him to underpay by at least $150 million for shares he purchased after his |
| 1:52.9 | beneficial ownership report was due. Musk began acquiring a significant number of shares in early |
| 1:59.1 | 2022, and by March of that year, he had a beneficial |
| 2:02.6 | ownership of more than 5%. Securities laws mandate that after surpassing the 5% threshold, |
| 2:09.6 | investors are required to file a beneficial owner report with the SEC. The lawsuit filed in D.C. |
| 2:16.1 | Federal Court claims that while Musk needed to file by March 22nd of |
... |
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