Tesla to launch in Saudi Arabia in April

The launch event in Riyadh is scheduled for April 10. Shutterstock
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Updated 26 March 2025
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Tesla to launch in Saudi Arabia in April

  • Elon Musk’s electric vehicle brand trades in other countries in the Middle East, but not in Saudi Arabia

RIYADH: US-based electric vehicle manufacturer Tesla will begin its operations in Saudi Arabia next month, the company has announced.

Scheduled to launch on April 10 at the Bujairi Terrace in Riyadh, the EV maker — led by CEO Elon Musk— has been active in several countries in the Middle East but is yet to establish its presence in the Kingdom, the largest market in the Gulf region. 

The upcoming launch of Tesla also aligns with Saudi Arabia’s broader strategy to reduce its dependence on crude revenues. 

The move is also expected to contribute to the Kingdom’s sustainable journey, with the nation targeting to achieve net-zero emissions by 2060. 

“You and your family are warmly invited to our launch event at the Bujairi Terrace on April 10. Explore our global bestselling lineup and step into a world powered by solar energy, sustained by batteries, and driven by electric vehicles,” the company said on its website. 

It added: “Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what’s next in AI (artificial intelligence) and robotics.” 

The company did not disclose when these electric vehicles will be available for purchase in Saudi Arabia.

Tesla’s entry into the Kingdom comes at a tumultuous time for the company, as it is facing a decline in sales across various markets like Europe and the US. 

According to data from the European Automobile Manufacturers Association, Tesla has witnessed a 42.6 percent drop in sales on the continent in 2025, even as overall purchases of electric vehicles in the region continue to rise. 

In the US, widespread protests have been organized against Tesla in recent months, following Musk’s appointment as the head of the Department of Government Efficiency under the Donald Trump administration. 

The Saudi government has actively promoted the EV industry to achieve economic diversification and sustainability. 

The Kingdom’s Public Investment Fund is the majority investor in Lucid Group, a startup competing with Tesla in the global market. 

In January, Lucid Motors became the first global automotive company to join the Kingdom’s “Made in Saudi” program. The milestone grants the firm the right to use the “Saudi Made” label on its products, representing the Kingdom’s focus on quality and innovation.

In September 2023, Lucid also launched its first manufacturing plant outside the US in the Kingdom, with an initial capacity to produce 5,000 electric cars in a year.

Aside from investing in established companies, Saudi Arabia is pushing ahead with its own homegrown electric vehicle brand, Ceer.

Announced in November 2022 by Saudi Arabia’s Crown Prince Mohammed bin Salman, the company is expected to contribute SR30 billion ($7.9 billion) to the Kingdom’s gross domestic product by 2034.

In February, during the Private Sector Forum organized by the Public Investment Fund, Ceer signed 11 deals worth SR5.5 billion ahead of its model launch in 2026.


Closing Bell: Saudi main index slips to close at 11,228 

Updated 51 min 41 sec ago
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Closing Bell: Saudi main index slips to close at 11,228 

RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64. 

The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.    

On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.    

The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.     

The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.  

Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.   

Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56. 

Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55. 

Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34. 

On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier. 

The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.  

Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent. 

United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent. 

Tas’heel ended the session at SR146.80, down 0.28 percent.