Electric automaker Tesla is in early talks with Saudi Arabia to possibly build an EV factory in the country, the Wall Street Journal reports, citing sources familiar with the discussion. According to the report, the manufacturing facility could help the kingdom to diversify its economy away from oil.

The talks are at a very early stage and after the article was published by the WSJ, Tesla’s CEO Elon Musk tweeted that the article was “utterly false”.

Apparently, Saudi Arabia has been tempting Tesla with the right to purchase metals and minerals needed by the company for the EVs from the Democratic Republic of Congo, which supplies around 70% of the world’s cobalt.

The Saudi’s government would have secured assets in Congo that would help supply a Tesla vehicle factory in the Kingdom.

The deal could help Tesla sell 20 million vehicles a year by 2030, one of the main goals of the company, which already has factories in the U.S., China, Germany, and Mexico.

Saudi Arabia’s de facto ruler Crown Prince Mohammed bin Salman has wanted for years to have a Tesla manufacturing facility in the country, in 2018 PIF, which is chaired by Mohammed, purchased $2 billion of Tesla shares.

The deal, if successful, could help Saudi Arabia receive more foreign investment and could help Musk to increase his EV’s production.