A Saudi man talks on his mobile under the shade of solar panel. Photo: Fayez Nureldine/AFP via Getty Images

Saudi Arabia has put its $200 billion plan to build the world's largest solar project on hold, according to the Wall Street Journal, which cites Saudi government officials as sources.

Why it matters: The news signals the struggles and challenges the Saudis face in implementing ambitious plans to diversify their crude-reliant economy.

The big picture: Saudi officials are instead "working up a broader, more practical strategy to boost renewable energy," per WSJ. Its Japanese partner, SoftBank Group, declined to comment to WSJ and to Axios' request shortly before deadline.

  • Recall that the kingdom also appears to have shelved plans for the IPO of state oil giant Aramco, which was designed to raise tens of billions of dollars to help seed the kingdom's modernization vision.

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Trump's new TikTok threat

Photo illustration: Aïda Amer/Axios. Photo: Jim Watson/AFP via Getty Images

President Trump said twice Monday that the U.S. Treasury would need to get a portion of the sale price of TikTok, as a condition of regulatory approval.

Why it matters: This is akin to extortion — the sort of thing you'd expect to hear on a wiretap, not from the White House in front of reporters.

Ford names James Farley as new CEO amid ongoing turnaround effort

James Hackett, left, is retiring as Ford CEO. Jim Farley, right, takes over Oct. 1. Photo: Ford

Ford announced Tuesday that James Farley will take over as its next CEO, replacing James Hackett, 65, who is retiring after three years in the job.

Why it matters: It leaves Farley to complete the company's ongoing turnaround effort. The transition will be that much harder as the industry tries to navigate the coronavirus-induced economic slowdown which shuttered Ford plants for two months on the eve of some of its most important vehicle launches.

Updated 3 hours ago - Politics & Policy

Watch the full "Axios on HBO" interview with President Trump

In this episode of “Axios on HBO”, President Trump discusses his handling of the coronavirus pandemic, the upcoming election and much more with National Political Correspondent Jonathan Swan.

The interview was filmed on Tuesday, July 28 and aired Monday, Aug. 3 on HBO.