Tesla (TSLA) is accelerating its expansion in the Middle East after it started selling vehicles in Qatar.
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The EV maker revealed in a post on X today that its Cybertruck was now available in the country with a population close to 3 million.
Eastern Promise
Qatar aims for EV sales to reach 10% of domestic sales by 2030 and wants to partner with EV-related firms to attain this goal.
Analysts at Fitch Solutions have predicted that Qatar’s total EV fleet will reach about 80,000 units by 2032, representing 3.1% of the total vehicles registered in the country.
It also aims to have 1,000 EV charging stations by 2030 and 4,000 by 2035.
It follows the launch of Tesla’s operations in Saudi Arabia in April this year, when it unveiled the Cybertruck and a refreshed Model Y at an event in Riyadh. The company said there it would support regional sales with online ordering, pop-up showrooms, Supercharger stations and service centers.
Tesla first entered the Middle East in 2017 with a launch in the United Arab Emirates. Qatar now joins the UAE and Saudi Arabia as part of its first wave of Cybertruck sales outside North America.
Global Tesla
The company does not break out sales by region for the Cybertruck model in its quarterly deliveries reports. However, a U.S. recall filing in March showed 46,096 Cybertrucks had been built between November 2023 and early this year.
The move is a further signal that Tesla intends to widen its international reach as it faces slowing demand and intensifying competition in its core U.S. and Chinese markets.
The Elon Musk-led company posted record deliveries in the third quarter driven by a rush of U.S. buyers trying to grab a $7,500 tax credit before it expired on September 30. However, analysts expect a sharp slump in the fourth quarter as the incentive for EV purchases vanishes.
Globally, it has also struggled with demand this year as it suffers from more intense competition and faces the wrath of customers unhappy with chief executive Elon Musk’s flirtation with right-wing politics.
Is TSLA a Good Stock to Buy Now?
On TipRanks, TSLA has a Hold consensus based on 14 Buy, 12 Hold and 8 Sell ratings. Its highest price target is $600. TSLA stock’s consensus price target is $345.28, implying a 20.81% downside.
