RIYADH: Elon Musk, the CEO of Tesla, reestablished ties with the Kingdom on Thursday by launching operations there, indicating that the oil capital was advancing its ambitious electric vehicle strategy. As the EV manufacturer formally opened for business, a plaza lined with palm trees was dominated by a Tesla Cybertruck and a revamped Model Y sedan.
On a huge outdoor television screen, a Cybertruck was seen driving through a dark desert, leaving behind sand plumes, while a small group of people tested out the cars. Tesla needs new customers. The company’s first-quarter sales fell 13% internationally, its lowest level in over three years. This decline was caused by a backlash against Musk’s involvement in the Trump administration, more competition, and an outdated product selection that included more than just the updated Model Y.
The Kingdom, a significant investment in Tesla competitor Lucid, wants to see 30 percent of EVs on the road in five years, up from roughly 1 percent the previous year.Nearly ten years ago, Musk and the Kingdom’s sovereign wealth fund got into a high-profile fight over a possible investment. However, since Musk played a significant part in US President Donald Trump’s election campaign and administration, relations between the two countries have improved.
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