Tesla To Begin Selling Electric Vehicles in Saudi Arabia
Tesla is set to begin selling its electric vehicles in Saudi Arabia next month, marking its entry into the Gulf region's largest economy. The company will host a launch event in Riyadh on April 10th, where it plans to showcase its EVs alongside its autonomous Cybercab and humanoid robot, Optimus. This move comes as Tesla faces declining sales worldwide, with European sales dropping over 40% this year and increasing competition from Chinese automaker BYD, which recently surpassed Tesla in annual revenue.
Saudi Arabia presents a challenging market for Tesla, as EVs account for just 1% of the country's total car sales. The Public Investment Fund (PIF), which previously clashed with Elon Musk over his 2018 bid to take Tesla private, has invested heavily in EV alternatives, including Lucid and the yet-to-launch Ceer. Despite past tensions, Musk's recent appearances alongside PIF head Yasir al-Rumayyan and former U.S. President Donald Trump suggest relations have improved.
Tesla's expansion into Saudi Arabia comes at a turbulent time for the company. In the U.S., Musk’s role in the government has led to protests, vandalism of Tesla facilities, and declining used Tesla prices. Meanwhile, investors have responded to Tesla's struggles by pulling back, with the company's stock down 40% from its peak in December.
