According to recent press reports, Riyadh has made significant advancements in several key initiatives to reach its goals. Public Investment Fund (PIF) has acquired a majority stake valued at $10 billion in Lucid Motors, an American company, to initiate the production of 150,000 electric vehicles in Saudi Arabia. Additionally, Foxconn, the BMW Group, and CEER Motors, the first Saudi EV brand, have joined forces to unveil a new EV design. Another partnership was announced with Hyundai Motor Company to establish a factory in King Abdullah Economic City, with an estimated annual production capacity of 50,000 vehicles.

According to the economic report issued by Investing.com, CEER Motors announced its plan to manufacture 150,000 Saudi vehicles annually through industrial integration.

PIF also launched an offshore mining investment company to provide Lithium and other metal supplies used in batteries. Moreover, the Australian EV Metals Group plans to establish a Lithium Chemicals Plant (LCP) in Saudi Arabia for battery production. Similarly, the Minister of Industry and Mineral Resources in Saudi Arabia, Bandar AlKhorayef, visited South American countries to settle and provide the required metals, including Lithium, Cobalt, Nickel, and Copper in the EV Industry. Saudi Arabia aims to become a significant player in the global electric vehicle supply chain, highlighting its commitment to economic diversification and the pursuit of sustainable energy solutions.

Saudi Arabia is preparing to host its 3rd edition of the EV Auto Show in Riyadh, scheduled from September 17th to 19th. The show will highlight the innovative equipment and technologies in the EV industry and focus on shipping solutions, batteries, and other relevant technologies. The exhibition offers a unique opportunity for all participants to promote sustainable mobility and build a greener, eco-friendly future.