Saudi Arabia Opens Doors to Elon Musk as Tesla Faces Critical Moment

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  • 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 arrives at a critical juncture as Tesla grapples with plummeting sales and a sagging 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 company known for producing electric vehicles.

On Wednesday, Tesla It has declared that it will host a launch event in Riyadh, the capital of Saudi Arabia, on April 10.

Your entire family is cordially invited to attend our launch event at Bujairi Terrace on April 10th, announcement on Tesla's website read.

"Discover the future of self-driving technology through Cybercab, and encounter Optimus, our humanoid bot, as we demonstrate upcoming advancements in artificial intelligence 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.

"Mulling over making Tesla private at $420 per share. Funding is assured," Musk stated.

In a post on the company’s blog back then, Musk mentioned that he had connected with officials from Saudi Arabia's sovereign wealth fund, known as the Public Investment Fund. He stated these discussions began in early 2017 following his announcement of considering taking Tesla private.

The transaction 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 is particularly timely for the electric vehicle company, as it has witnessed its stock price drop by more than 40% since reaching peak levels in mid-December.

Tesla's stock finished trading around $272 on Wednesday, marking a decline from its highest closing price of $479 back in December.

The firm has slipped from being the global leader in electric vehicle production, now overtaken by the major Chinese EV corporation. 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.

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