São Paulo – Saudi Arabia has announced setting up the first electric vehicle (EV) plant in the country, according to an article published on the Arab News website. The Saudi government targets having 30% EVs in its capital city, Riyadh, by 2030. The measure is part of the Vision 2030 project, devised by the Saudi government to promote the diversification and growth of the economy.
The EV factory will be set up by US company Lucid Group, specializing in electric-powered luxury cars. The company recently signed an agreement with the Saudi Ministry of Investment and the Saudi Industrial Development Fund to build the plant. One hundred fifty thousand vehicles are expected to be produced a year.
Speaking about the factory opening, Lucid Group CEO Peter Rawlinson mentioned Saudi demand for luxury cars and SUVs. “We are excited to introduce the most advanced electric vehicles in the world,” he said. The country wants to build EV infrastructures, such as charging and maintenance stations.
The Saudi Public Investment Fund has a majority stake in Lucid. The establishment of a plant in the country will contribute to achieving the fund’s objectives of having 60% of its investments in Saudi projects by the end of 2025. The fund supports several other initiatives in Saudi Arabia focused on sustainability.
Translated by Elúsio Brasileiro
