1 week Ago By [email protected]
Tesla Inc. TSLA is all set to begin sales operations in Saudi Arabia as the Elon Musk-led EV giant looks to expand its global presence. What happened: According to a post shared by Tesla influencer Sawyer Merritt on X, Tesla has begun selling its cars in Saudi Arabia.
In a post shared in late March, Tesla's official Europe and Middle East handle had released a short video teasing the arrival of the company in Saudi Arabia. NEWS: Tesla has officially begun selling its cars in Saudi Arabia today. The country plans to scale from 100 to 5,000 charging stations by 2030.
pic.twitter.com/1h6a1P8eVy According to Tesla, the launch event is set to take place on April 10, 2025 Riyadh, and will showcase the company's global lineup of vehicles as well as the Cybercab and Tesla's Optimus line of humanoid robots.
However, Tesla could face some challenges as Saudi Arabia has been slow to adopt EVs and faces hurdles, including a weak charging infrastructure. Why it matters: Saudi Arabia has ambitious plans for EVs as the Public Investment Fund, the Kingdom's Sovereign Wealth Fund, laid out the target of producing 500,000 battery-powered vehicles by the year 2030. The PIF also owns a stake in US-based EV company Lucid Group Inc.
LCID . Tesla's entry into the Kingdom could indicate a shift in relations between Musk and the PIF, which were at the center of the ‘funding secured' debacle and lawsuit as the billionaire claimed the PIF had ‘backpedaled' on its commitment to invest in his company. Am considering taking Tesla private at $420.
Funding secured. US President Donald Trump is all set to make his first foreign visit for his second term in the coming weeks. Trump had called on the Kingdom to invest over $1 trillion into the U.
S. economy in a meeting earlier this year. Musk's close ties with the Trump administration, as well as his position as the head of the Department of Government Efficiency (DOGE), could be key as Tesla aims to bolster its presence in the region.
Price action: Tesla's stock recently experienced a bump in value and is currently trading at $272.20 according to Benzinga Pro data . Check out more of Benzinga’s Future Of Mobility coverage by following this link.
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