Electric vehicles (EVs) are becoming more popular around the world, which is shaking up the auto industry and encouraging companies to adapt to changing market trends. Saudi Arabia, the world’s largest energy exporter, seeks to diversify its economy beyond oil exports and capitalize on the opportunities presented by electric vehicles.
As the Middle East goes through its own change, the EV industry gives the region a chance to skip over a market that is already full and focus on the future of cars. So, Saudi Arabia is looking for ways to make electric vehicles (EVs) and making plans to start making 500,000 EVs by 2030.
In a statement, PIF called Ceer “the first Saudi automotive brand to produce electric vehicles in Saudi Arabia,” adding that the company “will design, manufacture, and sell a range of vehicles” (including sedans and SUVs) to customers in Saudi Arabia and the MENA (Middle East and North Africa) area.
PIF said that its cars would be on the market in 2025. It also said that Ceer would bring in more than $150 million in direct foreign investment, create up to 30,000 direct and indirect jobs, and add $8 billion to the GDP of the kingdom by 2034.
In May 2022, Saudi Arabia’s Ministry of Industry and Mineral Resources said that $6 billion would be spent on steel mining, batteries boosting, & manufacturing projects, including building an EV metals plant to draw future investment.
Bandar al-Khorayef, minister of industry and minerals, said, “The investments will continue to position the country as a mining production and transportation hub for a region that stretches from Africa to Asia, while also supporting the transformation of our mining sector so it can achieve its potential.”
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Lucid Motors, a US electric car maker, is developing a factory in Saudi Arabia to produce 150,000 electric cars yearly. In April 2022, Saudi Arabia agreed to buy 100,000 Lucid electric cars over ten years.
The SGI was created to enhance living conditions, secure energy supplies, and provide other solutions for a sustainable future in the Middle East. The initiative also corresponds with the Middle East Green Initiative, both of which serve as catalytic projects toward a greener tomorrow.
So how do electric vehicles fit into the big picture and their effects on climate? As with any country-wide plan, SGI uses electric vehicles (EVs) to help reach its goal of cutting carbon pollution by 278 million tonnes per year by 2030. This will account for half of the country’s emissions from power production during that time and move Saudi Arabia toward a more sustainable energy mix.
SGI uses every aspect of society to reach three main goals: reducing pollution, planting more trees, and protecting land and sea. At the moment, 77 projects are being carried out, and all of them are big investments in the green economy.
Saudi Arabia, which is next to one of the most important foreign hubs, the United Arab Emirates, will continue to invest in sustainable solutions, but it needs to make more efforts to get people to use electric vehicles (EVs) to see the full benefits of the change. Energy is becoming more readily available, and government agencies are already working on wind and solar energy projects, as well as green hydrogen plants and carbon capture sites.
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