Tesla to Launch Sales in Saudi Arabia Amid Improved Relations with Musk
Tesla will commence sales in Saudi Arabia next month, signaling improved relations between CEO Elon Musk and the kingdom after past disputes. The launch is scheduled for April 10 in Riyadh, amidst declining EV sales in Europe and other domestic challenges for Tesla.
Tesla has officially announced its entry into the Saudi Arabian market, commencing sales next month. This development signals a repair of the strained relationship between CEO Elon Musk and the Saudi Kingdom, which stemmed from Musk’s 2018 attempt to privatize the company. At that time, Musk’s assertion of having ‘funding secured’ led to a legal dispute after the proposed bid did not materialize.
The lawsuit included the exposure of contentious text messages exchanged between Musk and Yasir al-Rumayyan, the head of the Public Investment Fund (PIF). However, tensions have reportedly subsided since late last year, coinciding with Musk’s prominent role in U.S. President Donald Trump’s electoral campaign.
Trump recently indicated plans for his first international visit to Saudi Arabia, further signaling the thaw in relations. Tesla’s launch event is set for April 10 in Riyadh, coinciding with a period marked by decreasing electric vehicle sales in Europe, which some attribute to Musk’s political affiliations. The brand is also facing protests in the United States as Musk initiates significant budget cuts.
The launch of Tesla in Saudi Arabia marks a significant development in the recovery of relations between Elon Musk and the Saudi Kingdom following a tumultuous history. The event is set to occur on April 10, reflecting a potential resurgence in the electric vehicle market amidst challenges in Europe and ongoing domestic protests. This significant milestone underscores the ongoing evolution of Tesla as it expands its footprint internationally.
Original Source: www.marketscreener.com
