Elon Musk-promoted Tesla announced the launch of its electric vehicles (EV) in Saudi Arabia, with a launch event planned in April in Riyadh.
“Tesla Opening in Kingdom of Saudi Arabia” planned for April 10, the company said on its website.
“Explore our global bestselling lineup and step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles,” added the announcement on the company site, inviting customers to the launch event at the Bujairi Terrace.
Saudi Arabia is a new market for Tesla
While Tesla has been selling vehicles in the Middle East for years, Saudi Arabia is a new market for the American automaker.
Saudi Arabia has an estimated annual passenger vehicle market of about 700,000 new vehicles, with SUVs making up the majority.
Toyota owns about 30 percent of the market, followed closely by Hyundai/Kia at 25 percent.
Some of the Chinese brands have also entered the market, reportedly quickly capturing about 10-15 percent market share.
The market for EVs in Saudi Arabia, however, is considered to be ‘tricky’, considering the kingdom is best known for its oil production.
The EV market is tiny, with only a few thousand vehicles delivered in 2024, but it is expected to change with the government now offering tax exemptions, subsidies, and the development of electric vehicle charging infrastructure.
Tesla’s move to enter the Saudi market comes in this backdrop.
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