With Sales Declining, Tesla Looks to Wealthy Saudi Arabia for Support | Carscoops

      Tesla is increasing its presence in the Middle East and aims to make a significant impact in Riyadh.

      An event is planned for April 10, where several products will be unveiled.

      The company is familiar with the Middle East, having established locations in Jordan and Qatar.

      Tesla is contending with several challenges, including fierce competition from Chinese manufacturers and growing dissatisfaction among customers regarding Elon Musk. This has led to criticisms in the U.S. and decreasing sales in Europe.

      In light of these challenges, Tesla is looking to new markets to enhance its fortunes, with Saudi Arabia being the latest focus as the company has sent out RSVPs for its launch in Riyadh.

      The event is set for April 10, where attendees will have the opportunity to explore Tesla’s product range and “step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles.” The Cybercab and Optimus robot are expected to be present, and Tesla representatives will be available to address questions related to ownership, home charging, and more.

      Although Tesla is new to Saudi Arabia, the company already has a foothold in the Middle East, with stores and superchargers in Israel, Jordan, Qatar, and the United Arab Emirates.

      Tesla's entry into this market is noteworthy, particularly since Saudi Arabia's Public Investment Fund has invested heavily in Lucid Motors. This funding has contributed to the establishment of a plant in the country, which is now assembling the Air in a semi knock-down format, with plans for it to become a fully operational production facility “after the middle of the decade.”

      Moreover, there’s added tension as Reuters highlighted that Musk originally relied on Saudi investments to take Tesla private, leading to his infamous “funding secured” tweet, which was ultimately misleading.

      The publication also pointed out that electric vehicles currently represent only 1% of sales in the oil-rich nation, indicating that Tesla's sales challenges are far from resolved.