Saudi Arabia is opening its doors to Elon Musk at a critical time for Tesla
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- Tesla says it'll be entering the Saudi market in April.
- The company said its launch event in Riyadh will "showcase what's next in AI and robotics."
- This comes at a crucial time — Tesla is reeling from declining sales and a falling stock price.
Elon Musk's Tesla has been admitted into the Gulf's largest economy, Saudi Arabia, at a crucial time for the electric vehicle producer.
On Wednesday, Tesla announced it will be holding a launch event in Saudi Arabia's capital, Riyadh, on April 10.
"You and your family are warmly invited to our launch event at the Bujairi Terrace on April 10," the announcement on Tesla's website read.
"Experience the future of autonomous driving with Cybercab, and meet Optimus, our humanoid robot, as we showcase what's next in AI and robotics," it added.
The announcement said a Tesla team will be on hand to answer questions regarding Tesla ownership, home charging, and more.
Musk has had a testy relationship with Saudi Arabia.
In August 2018, Musk wrote on Twitter — now X — that he would be taking Tesla private.
"Am considering taking Tesla private at $420. Funding secured," Musk wrote.
In a company blog at the time, Musk wrote that he had met with representatives from Saudi Arabia's sovereign wealth fund, the Public Investment Fund. The meetings started in early 2017 after he expressed interest in taking Tesla private, Musk added.
The deal did not take place after the PIF did not commit any funding.
Musk and Tesla were sued by Tesla investors, who said Musk's premature announcement caused them to lose money. During the trial, Musk blamed the PIF for "backpedaling" on their plans.
Then, in 2018, the PIF announced a $1 billion investment into Tesla's rival, Lucid Motors.
Saudi Arabia opening its doors to Tesla comes at a critical time for the EV maker, which has seen its stock price plunge by over 40% from its record highs in mid-December.
Tesla's shares closed at about $272 on Wednesday, down from a peak closing price of $479 in December.
The company has lost its spot as the world's top EV manufacturer, with Chinese EV giant BYD's revenue outpacing Tesla's in 2024.
BYD recently unveiled chargers that it says are four times more powerful than Tesla's and can charge an EV in five minutes.
On Tuesday, the European Automobile Manufacturers Association said Tesla's sales in Europe have fallen by 42% in the first two months of the year.
Representatives for Tesla did not respond to a request for comment from Business Insider.