- Tesla announced that it will enter the Saudi market in April.
- The firm stated that their unveiling ceremony in Riyadh will “demonstrate what’s ahead in AI and robotics technology.”
- This occurs during a critical period as Tesla is grappling with decreasing sales and a plummeting stock price.
Elon Musk’s
Tesla has joined the ranks of major economies in the Gulf region, specifically Saudi Arabia, during a critical period for the electric vehicle manufacturer.
On Wednesday,
Tesla
has declared that it will host a launch event in Riyadh, the capital of Saudi Arabia, on April 10.
You and your loved ones are cordially invited to attend our launch event at Bujairi Terrace on April 10th,
announcement
on Tesla’s website read.
“Explore the forefront of self-driving technology through Cybercab, and encounter Optimus, our humanoid bot, as we demonstrate upcoming advancements in AI and robotics,” it stated.
The notification stated that a Tesla representative will be available to address inquiries about Tesla ownership, at-home charging solutions, and additional topics.
Musk has had a
testy relationship
with Saudi Arabia.
In August 2018, Musk
wrote
On Twitter — now known as X — he stated that he planned to take Tesla private.
“I’m thinking about making Tesla private at $420 per share. The funding is assured,” Musk stated.
In a post on the company’s blog back then, Musk mentioned that he had encountered delegates from Saudi Arabia’s sovereign wealth fund, known as the Public Investment Fund. He stated that these discussions began in early 2017 following his announcement of considering the privatization of Tesla.
The agreement failed to materialize as the PIF declined to allocate any funds.
Musk and Tesla faced legal action from Tesla shareholders who claimed that Musk’s hasty declaration led to financial losses for them. In court, Musk accused the PIF of being responsible for ”
backpedaling
” on their plans.
In 2018, the PIF made an announcement about
$1 billion investment
to Tesla’s competitor, Lucid Motors.
The move by Saudi Arabia to welcome Tesla arrives as a crucial moment for the electric vehicle company, following a significant drop of more than 40% in its share prices since reaching peak levels in mid-December.
Tesla’s stock finished trading around $272 on Wednesday, having dropped since reaching a high closing price of $479 in December.
The firm has ceded its position as the global leader in electric vehicle production to a major Chinese competitor.
BYD’s revenue outpacing Tesla’s
in 2024.
BYD
recently unveiled chargers
as they claim to be four times more potent than those of Tesla and capable of charging an electric vehicle in just five minutes.
On Tuesday, the European Automobile Manufacturers Association announced
Tesla’s European sales have dropped by 42%.
during the initial two months of the year.
Tesla’s representatives did not reply to Business Insider’s request for comment.
If you liked this tale, make sure to follow
Business Insider
on MSN.
