Saudi Arabia aims to manufacture 500,000 electric vehicles (EVs) every year by 2030, Investments Minister Khaled Al Faleh said.
Speaking to Asharq Al Awsat newspaper, Al Fateh said a new partnership between the kingdom and an international EV manufacturer will be announced in the 1st half of 2023.
Crown Prince and Prime Minister of Saudi Arabia, Mohammed bin Salman, announced the launch of Ceer – Saudi Arabia’s first electric vehicle brand – in November 2017.
The launch coincided with the implementation of a strategy by the Saudi Public Investment Fund (PIF) to focus on promising sectors that can contribute to the kingdom’s economic growth.
The EV maker is also expected to contribute to Saudi Arabia’s efforts to reduce carbon emissions. Ceer is the first Saudi automaker to produce EVs in the kingdom, with plans to design, manufacture and sell a variety of sedans and SUVs to consumers in Saudi Arabia and the MENA region.
Al Faleh predicted that, by 2030, the kingdom will produce around 500,000 EVs annually. He proclaimed that Saudi Arabia would become a hub of electrical industries. He added:
[500,000 EVs] is a big number. Part of this production will be exported. This means that this industry must be based on competitiveness and cost-effectiveness.
Crown Prince Mohammed stated at the launch of Ceer,
Saudi Arabia isn’t just building a new car brand. We are sparking a new industry and ecosystem that attracts international and local investment, creates employment opportunities for local talent, enables the private sector and contributes to Saudi Arabia’s GDP growth over the next decade.
Ceer is expected to attract more than $150 million in foreign direct investment (FDI) and create up to 30,000 direct and indirect jobs. Officials predict it will directly contribute $8 billion to Saudi Arabia’s GDP by 2034.