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Saudi Arabia plans to enter the electric vehicle market by establishing its own domestic manufacturer to launch its new brand of electric cars, according to the latest reports. To better envision the future, Saudi Arabia is reportedly considering creating its own model.
Still dependent on oil, producing global countries are wondering about the future. And more specifically the Gulf countries, like Saudi Arabia, which is actively considering its energy shift. And one of the solutions would be to create a national manufacturer of electric vehicles.
It is understood that Now Saudi Arabia has hired automakers including Boston Consulting Group to develop its options of launching a new EV manufacturer.
This was implied by a spokesperson for the Sovereign Fund of the Kingdom, who said the country was seeking to diversify Saudi Arabia’s dependence on oil for money. The announcement comes on top of an announcement at the end of January from Yasir Al-Rumayyan, the head of the Public Investment Fund, who said the kingdom was seeking deals for local production.
The Public financial Investment’s Crown Prince Mohammed Bin Salman Fund procured a little stake in Tesla in 2018 yet sold its offers not long before the organization’s crazy convention in late 2019 and all through 2020. Saudi Arabia’s sovereign-abundance store additionally put $1 billion into Lucid Motors and had been in converses with the organization to build up a processing factory in the social city of Jeddah.
In Togg’s path to building electric cars
According to anonymous sources, Saudi Arabia has hired advisers, including the Boston Consulting Group, to explore the possibilities of creating a national electric car maker.
“Now we’re in the process of looking at electric appliances,” he said. “In relation to cars, there is more than one project that we’re now looking at, and they will be executed this year or next year at the latest.”
The country would then follow the trajectory of Turkey, which launched the Togg brand. To give itself the means to achieve its ambitions, Saudi Arabia is reportedly looking for automotive company partners like tesla. As such, it should be remembered that the kingdom and Lucid Motors have signed an agreement around the establishment of a production unit north of Jeddah, in the economic city of King Abdullah.
It is a wealth opportunity of the lifetime for CEO Elon musk to corporate with Saudi Arabia and makes a great deal to expand his electric cars all over the middle east, this published announcement will definitely make investors and companies all over the globe Drooling.