Saudi Arabia Electric Vehicle Industry Overview
The competitive landscape in the Saudi Arabia electric vehicle (EV) market is evolving rapidly, marked by a blend of local and international players striving to capitalize on the kingdom's commitment to sustainable transportation. Several key dynamics shape this landscape, such as:
- In March 2024, the first electric vehicle (EV) brand and original equipment manufacturer (OEM) in Saudi Arabia revealed a significant SAR 5 billion (USD 1.3 billion) contract for the establishment of the Ceer Electric Vehicle Manufacturing Complex in King Abdullah Economic City.
- In October 2023, Hyundai announced its plans for an electric vehicle manufacturing facility in Saudi Arabia.
- Early discussions were underway between Saudi Arabia and Tesla in September 2023 regarding the establishment of a manufacturing facility in the kingdom, aiming to diversify the nation's economy away from oil.
- In May 2022, Lucid Group outlined intentions to establish an EV manufacturing facility in Jeddah, featuring a production capacity of 155,000 vehicles annually. This facility will be Lucid's first outside the United States, initially focusing on serving the local market.
Saudi Arabia Electric Vehicle Market Leaders
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Renault Group
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Lucid Motors
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Chevrolet Inc
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Hyundai Motors
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Ford Motor Company
- *Disclaimer: Major Players sorted in no particular order
