New Delhi: Elon Musk’s electric vehicle company, Tesla, is making headlines with its global expansion plans. While Tesla’s entry into the Indian market has been a hot topic, with reports confirming that the company has finalized a showroom location in Mumbai, it is set to launch in Saudi Arabia first. According to an official post from Tesla, the company will debut its electric cars in Saudi Arabia on April 10.
Tesla Cars to Hit Saudi Arabian Roads
Tesla is venturing into a country known for its vast oil production, making this a significant move for the electric vehicle industry. According to a September report by PwC, electric vehicle sales in Saudi Arabia account for just over 1% of total car sales. The official Tesla launch event will take place in Riyadh, the capital of Saudi Arabia, on April 10.
Tesla Losing Ground to BYD?
Despite Tesla’s global expansion, the company has faced challenges in sales. In 2023, Tesla’s sales saw a 1% decline. The biggest competition comes from Chinese EV giant BYD, which has overtaken Tesla in global sales for 2024. According to recent reports, BYD recorded $107 billion in sales from electric and hybrid vehicles, surpassing Tesla, which generated $98 billion in the same period.
Tesla’s Anticipated Entry into India
Elon Musk has hinted at Tesla’s India launch for years, and the company is now closer than ever to making its debut. According to CLSA, the most affordable Tesla car in India is expected to be priced between ₹35 lakh and ₹40 lakh. In the US, Tesla’s base models start at around $35,000. If Tesla manages to introduce electric cars in India at a competitive price of ₹25 lakh, it could pose a serious challenge to existing EV brands in the country.
With Tesla’s Saudi launch imminent and its India plans progressing, the company is gearing up for an aggressive global expansion. As competition in the EV market intensifies, all eyes will be on how Tesla strategizes its entry into new markets.