The News
Tesla is reportedly planning to open pop-up stores and showrooms in Saudi Arabia, hoping to wean locals off their love of gas-guzzlers and cheap petrol, according to AGBI.
Elon Musk’s company will be competing for market share in a country where the government’s Lucid Motors has to date been the frontrunner.
The Public Investment Fund used to own a stake in Tesla, but sold its shares in 2019 and has since poured billions of dollars into Lucid and rival start-up Ceer.
Saudis themselves have been reluctant buyers of electric cars. Fewer than 3% of car sales this year are expected to be for EVs, according to PwC’s Electric Mobility Outlook. But that’s likely to change as more charging infrastructure is installed.
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