Saudi Arabia is planning to build 328,000 electric cars per year said PIF Governor Yasir Al-Rumayyan.
Speaking at the Saudi Green Initiative forum in Sharm El-Sheikh, Egypt, Al-Rumayyan was elaborating on the investment made by the wealth fund into the emerging market for electric vehicles.
Earlier this month Crown Prince Mohammed bin Salman announced the launch of Ceer, the first Saudi electric vehicle brand.
Saudi launched first electric car brand this month
Ceer is the Kingdom’s first automotive brand to produce electric vehicles in the country, and will create up to 30,000 direct and indirect jobs in the region.
Ceer is projected to directly contribute $8bn to the country’s GDP by 2034.
The Crown Prince said: “Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing GDP over the next decade, as part of PIF’s strategy to drive the economic growth in line with Vision 2030.”
The joint venture between PIF and Taiwanese electronics company, Foxconn will see cars available from 2025 onwards.
PIF also owns more than 60% of US-based Lucid Group Inc, which has announced plans to build an electric vehicle manufacturing facility in Jeddah to make 150,000 vehicles annually.
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