Saudi Arabia aims to manufacture 500,000 electric vehicles (EVs) each year by 2030, Investment Minister, Khaled Al Faleh, stated.
While talking to Asharq Al Awsat newspaper, Al Fateh said that a new partnership between the kingdom and an international EV manufacturer would be announced in H1 2023.
Crown Prince and Prime Minister of Saudi Arabia, Mohammad bin Salman, announced the launch of Ceer — the first Saudi EV brand — in November 2017.
The launch took place along with the implementation of a Saudi Public Investment Fund (PIF) strategy to concentrate on the promising sectors that can contribute to the kingdom’s economic development.
It is also anticipated that the EV maker will 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 approximately 500,000 EVs annually. He proclaimed that Saudi Arabia will become a hub of electrical industries. He added:
[500,000 EVs] is a big figure. Part of this output will be exported. This means this industry should be based on competitiveness and cost-effective.
Crown Prince Mohammed stated upon the launch of Ceer,
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 talents, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade.
It is anticipated that Ceer will attract more than $150 million in foreign direct investment (FDI) and produce up to 30,000 direct and indirect jobs. Officials project that it will directly contribute $8 billion to Saudi Arabia’s GDP by 2034.