Saudi Arabia is accelerating its efforts to become a key player in the global electric vehicle (EV) market, with plans to manufacture and export more than 150,000 electric vehicles by 2026. This target, part of the Kingdom’s larger mission to reduce carbon emissions, transition to sustainable transport, and promote economic diversification, aligns with the Vision 2030 strategy. By focusing on local EV production, Saudi Arabia also aims to cut its annual import bill by 50 billion Saudi Riyals.
In a bid to achieve this, the Public Investment Fund (PIF) has taken a majority stake, worth $10 billion, in Lucid Motors, a leading American EV manufacturer. This investment is expected to boost the production of electric vehicles in Saudi Arabia and help drive local manufacturing. Alongside Lucid Motors, the Kingdom has partnered with Foxconn, the BMW Group, and CEER Motors, the first Saudi electric vehicle brand, to launch an innovative new EV design. Furthermore, Hyundai Motor Company is collaborating with Saudi Arabia to set up a factory in King Abdullah Economic City (KAEC), with an estimated annual production capacity of 50,000 electric vehicles.
According to a report from Investing.com, CEER Motors plans to integrate the production of 150,000 vehicles annually within Saudi Arabia’s industrial framework. In addition, PIF has also ventured into offshore mining investments to secure essential materials such as lithium, used in EV battery production.
Australian EV Metals Group is building a Lithium Chemicals Plant (LCP) in the Kingdom, further solidifying Saudi Arabia’s supply chain for EV batteries.
The Minister of Industry and Mineral Resources, Bandar AlKhorayef, has been actively pursuing agreements with South American countries to secure key metals like cobalt, nickel, and copper, all crucial for the electric vehicle industry.
The Kingdom’s EV strategy also includes showcasing its innovations at the 3rd edition of the EV Auto Show in Riyadh, from September 17th to 19th. The event will focus on the latest technologies in the EV sector, including batteries and shipping solutions while promoting the benefits of sustainable mobility. The exhibition will serve as a platform for fostering global partnerships and driving forward Saudi Arabia’s transition to a greener economy.
About the EV Auto Show:
The 3rd EV Auto Show will be held at the Riyadh International Convention and Exhibition Center from September 17th to 19th, 2024. The event is a premier exhibition for electric mobility in the region, highlighting the latest advancements in EV technology and sustainable transport.
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