Core Insights - Tesla has opened its first showrooms in Saudi Arabia, specifically in Riyadh, Jeddah, and Dammam, amidst a decline in global sales [2][3] - The Saudi electric vehicle (EV) market, although small, has seen significant growth, tripling last year to nearly 800 cars [7] Company Developments - Tesla's country manager for Saudi Arabia, Naseem Akbarzada, announced the launch as a step towards establishing a long-term presence in the kingdom [3] - Charging stations for electric vehicles will be opened in the three cities where the showrooms are located, with plans for more in the future [3] Market Context - Saudi Arabia, a major oil exporter, has low demand for electric vehicles due to cheap fuel prices and a lack of charging infrastructure [4][6] - The country currently has only 101 charging stations, significantly fewer than the 261 in the neighboring UAE [6] Economic Implications - Saudi authorities are aiming to diversify the economy away from oil dependency, with plans to install 5,000 electric vehicle chargers by 2030 [7] - The Public Investment Fund (PIF) of Saudi Arabia controls 60% of luxury EV company Lucid and has partnered with Hyundai to establish a plant for electric and petrol-powered cars [7] Future Prospects - The local EV brand CEER plans to start production in 2025, indicating a growing interest in the electric vehicle sector within the kingdom [8]