Sales of the Tesla Cybertruck have been severely underwhelming, according to industry estimates. AFP
Sales of the Tesla Cybertruck have been severely underwhelming, according to industry estimates. AFP
Sales of the Tesla Cybertruck have been severely underwhelming, according to industry estimates. AFP
Sales of the Tesla Cybertruck have been severely underwhelming, according to industry estimates. AFP

Future

Technology

Tesla expands Gulf Cybertruck sales to Qatar

Region is part of the first wave of the EV's expansion outside North America

Alvin R Cabral
Alvin R Cabral

October 03, 2025

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Tesla's Cybertruck is now available in Qatar, making it the third Gulf market after the UAE and Saudi Arabia where the vehicle is being officially sold, as the world's largest electric vehicle maker gradually expands overseas.

Customers will be able to configure and place their orders in the three countries, Tesla's Europe and Middle East unit said in a brief post on X on Friday.

The Gulf trio are part of the first wave of the Cybertruck's expansion outside North America.

In Qatar, the all-wheel drive Cybertruck starts at 384,990 Qatari riyals ($105,766), while the higher-end Cyberbeast begins at 434,990 riyals.

The Cybertruck became available in the UAE and Saudi Arabia earlier this year. In the kingdom, prices start at 434,990 Saudi riyals ($115,997) and at 484,990 riyals.

Tesla began accepting orders for the Cybertruck in the UAE last month, with the all-wheel drive and Cyberbeast starting at Dh404,990 ($110,276) and Dh454,990, respectively.

The Cybertruck, unveiled in 2019 and began manufacturing in 2023, is a futuristic-looking and oddly-shaped pick-up truck that serves as a high-end option at Texas-based Tesla.

During its unveiling, chief executive Elon Musk touted the EV to be very durable and even bulletproof, but it infamously failed a test when a steel ball was hurled onto its windows, smashing them during the live broadcast.

The Cybertruck has been polarising, with several tests pitting it against traditional pick-ups showing contrasting results and raising questions about its durability.

Sales have also disappointed. While Tesla does not disclose Cybertruck sales figures, varying industry estimates have found volumes to be severely underwhelming.

Tesla, however, can still count on its other models for strong sales, as the EV maker enters more markets, in addition to adjusting prices to prop up demand.

The company is also embarking on a very ambitious strategy over the next decade that aims to significantly boost its valuation, under Mr Musk, which would reward him with a $1 trillion compensation if he achieves it.

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

Updated: October 04, 2025, 2:31 PM
TeslaElon MuskElectric VehiclesQatar