For decades, Saudi Arabia has attempted to launch its own car industry with nothing to show for it. It is now trying again — but this time with electric vehicles.
The electric vehicle initiative is part of the kingdom’s ambitious diversification drive to wean itself off its reliance on oil income, which is its main revenue source as the world’s largest energy exporter.
It intends to pour billions into the project to create an electric vehicle manufacturing hub, with the aim of producing 500,000 cars a year by 2030.
The US-based Lucid Motors, in which Saudi Arabia acquired a majority stake costing roughly $2bn, intends to produce about a quarter of that target in the kingdom.
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