Tesla Stock In Spotlight After EV Giant Announces Saudi Arabia Launch In April: Retail Sentiment Brightens

While signing up for the event, interested individuals can choose which Tesla vehicle interests them out of the Model Y, Model 3, and Cybertruck.

American EV giant Tesla, Inc. (TSLA) will officially launch in Saudi Arabia next month. The company has scheduled an event at Bujairi Terrace in Riyadh on April 10.

"Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what's next in AI and robotics," the company said in a statement.

Tesla’s team will also answer questions on ownership and home charging of its vehicles at the one-hour event.

However, the company did not specify when it intends to start selling its products in the country.

According to a Reuters report, the launch signals that Tesla CEO Elon Musk and Saudi Arabia have mended their rift dating back to 2018 when Musk tried to take the company private. Musk tweeted that he had “funding secured” after meeting Saudi Arabia’s sovereign wealth fund called the Public Investment Fund (PIF). The bid, however, failed to materialize, leading to a lawsuit from Tesla investors.

While signing up for the launch event, interested individuals can choose which Tesla vehicle interests them out of the Model Y, Model 3, and Cybertruck. Tesla’s Model S sedan and Model X SUV are absent from the list. 

Tesla already has a presence in other middle-eastern countries such as the UAE and Qatar.

The company’s biggest rival, Chinese EV maker BYD Co, opened its inaugural showroom in Saudi Arabia last year.

On Stocktwits, retail investor sentiment about Tesla climbed further into the ‘bullish’ territory (71/100) while message volume dipped from ‘high’ to ‘normal’ levels within 24 hours.

On Tuesday, data from the European Automobile Manufacturers’ Association (ACEA) showed that Tesla registrations across the European Union, the UK, and European Free Trade Association (EFTA) countries dropped 40% in February and 42.6% year-to-date compared to corresponding periods last year.

Tesla shares traded 1% lower premarket on Wednesday after closing 3.45% higher at $287.99 on Tuesday. The stock is down 24% this year but has risen by over 60% in the past 12 months.

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