Saudi Arabia’s electric vehicle landscape is set to expand further as Indian startup Pravaig Dynamics announces its intention to establish a left-hand-drive EV manufacturing facility in the Kingdom.
Pravaig Dynamics recently entered into a memorandum of understanding (MoU) with Saudi India Venture Studio (SIVS) during the G20 Young Entrepreneurs Alliance Summit held in New Delhi.
Massive Production Capacity to Serve Global Markets
The Bengaluru-based startup revealed that the proposed EV manufacturing plant in Saudi Arabia will boast an impressive production capacity of up to 1 million units.
This facility aims to meet the burgeoning demand for electric vehicles across the Gulf, US, and Europe markets. The MoU was officially signed by Pravaig Dynamics CEO Siddhartha Bagri and SIVS CEO Mansour Al-Sanooni.
Unlocking Economic Opportunities
Bagri emphasized the strategic partnership’s potential, stating, “By combining Pravaig’s expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of $31 billion-plus across international markets.”
Collaborative Efforts Toward Innovation
SIVS, a Saudi government-backed entity dedicated to accelerating the EV market in the Kingdom, will work closely with Pravaig Dynamics under the MoU.
The collaboration encompasses exploring co-development, supply, and service of special purpose vehicles, including electric vehicles, AI-driven solutions, advanced batteries, and energy storage solutions.
Saudi Arabia’s Thriving EV Ecosystem
Saudi Arabia’s electric vehicle ecosystem has been rapidly expanding in recent years, with the country targeting net-zero emissions by 2060. The National Strategy for Transport and Logistics outlines ambitious plans to elevate the utility of electric cars to 25 percent by the end of this decade.
Lucid Motors’ Role in Saudi Arabia’s EV Scene
Lucid Motors has played a significant role in shaping Saudi Arabia’s EV landscape.
The Transport General Authority of Saudi Arabia recently launched a program enabling residents and tourists to rent Lucid Motors’ electric vehicles.
Faisal Sultan, Lucid’s vice president and managing director in the Middle East, revealed plans to introduce the first fully Saudi-assembled electric car in September, further contributing to the Kingdom’s electric mobility aspirations.
“Very exciting things are happening at Lucid, and if you take a flight to Jeddah and drive to King Abdullah Economic City, where our plant is going to be located … Pretty soon we are going to start putting equipment in that,” said Sultan.
Strengthening the Local EV Industry
Lucid has also inked agreements to establish a production facility within Saudi Arabia, with an annual capacity of 155,000 zero-emission electric vehicles.
These efforts reflect Saudi Arabia’s commitment to fostering a robust and sustainable electric vehicle industry within its borders.
