Tesla is going to sell electric cars in the Middle East

Elon Musk in 90 seconds

Tesla is making its electric cars the center of the oil-producing world.

The automaker announced on Monday that its first official joint venture in the Middle East will be in the United Arab Emirates.

The first cars – the Model S and Model X – will hit the market this summer.

“The timing looks good to really have a major launch in this region starting in Dubai,” Tesla (TSLA) CEO Elon Musk speaks at the World Government Summit in Dubai.

Tesla owners will have access to two existing superchargers in the UAE, and Tesla plans to open five more later this year.

Despite having huge oil and gas reserves, the UAE has ambitious plans for successful development. Last month, it said it would invest $163 billion to promote alternative energy use over the next three decades.

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This is the latest in an extended series of Tesla announcements. Last week, Musk hinted that Tesla could soon come to India.

Musk has also revealed plans to build “heavy-duty trucks and urban transport” as well as develop a ride-hailing network, possibly similar to Uber.

Speaking in Dubai, the businessman explained the future of robotics.

“We’re going to see great progress in autonomy and artificial intelligence,” Musk said. “Perhaps in 10 years it will be very unusual for cars to be built that are not fully autonomous.”

Related: Elon Musk’s Surprising Secret Weapon: Trump?

But he also warned about the “disruptive” nature of autonomous vehicles.

“The disruption I’m talking about is going to be around 20 years. However, 20 years is a short time to have about 12% to 15% of the workforce unemployed.”

Musk said governments must pay close attention to artificial intelligence, create sustainable transportation and be on the lookout for mass unemployment.

“This is going to be a huge social challenge,” he said. “There will be fewer and fewer jobs that a robot can’t do better.”

– Seth Fiegerman contributed reporting.

CNNMoney (Dubai) Originally published February 13, 2017: 11:06 AM ET

https://money.cnn.com/2017/02/13/investing/tesla-uae-elon-musk/index.html?section=money_news_international Tesla is going to sell electric cars in the Middle East

Edmund DeMarche

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