Tesla launching in Saudi Arabia as Elon Musk, kingdom mend ties after funding fiasco
Tesla will start sales in Saudi Arabia next month, the electric carmaker said on its website, signaling CEO Elon Musk and the kingdom have healed a rift that dates back to the billionaire’s short-lived bid in 2018 to take the company private.Tesla trades in other Middle Eastern countries, but not in Saudi Arabia, the Gulf region’s largest market.The dispute started when Musk tweeted in 2018 he had “funding secured” to take Tesla private after meeting Saudi Arabia’s sovereign wealth fund, the Public Investment Fund.That tweet eventually led to a lawsuit from investors when a bid failed to materialize, during which tense text messages between Musk and PIF head Yasir al-Rumayyan were made public.Tensions have eased since the autumn when Musk took a high-profile role in President Trump’s election campaign and then new administration.Trump said this month he would likely make his first trip abroad to Saudi Arabia, after asking the kingdom in January to spend upwards of $1 trillion in the US economy, over four years, including military purchases.Tesla’s launch event in Riyadh, scheduled for April 10, will display its EVs and products powered by solar energy, the post said.“Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what’s next in AI and robotics,” it added.On April 11, it will open up pop-up stores in Riyadh, Jeddah, and Dammam, Tesla said in a later statement, adding it would announce further details of its plans for Saudi Arabia in the coming weeks, with investment planned for 2025 and beyond.Invitations to the launch event asked guests to indicate which Tesla car model they were interested in.The launch comes as Tesla has seen EV sales slump in Europe, blamed on Musk’s support for far right politicians, and the brand has been targeted by protesters in the United States over his spearheading of sweeping cuts to the federal government.In Saudi Arabia, EV sales have be...