King of oil for years, this country now wants to tackle the electric car
Well aware that oil will not last forever for the automobile industry, Saudi Arabia wants to become a “strong place” for battery production.
Saudi Arabia, long dependent on its hydrocarbon exports, will soon make a 180-degree turnaround. The country, led by Crown Prince Mohammed bin Salman, aims to become a major player in the production of batteries for electric vehicles. However, there is still a long way to go for this country where nearly 90% of exports come from petroleum products.
Saudi Arabia intends to anticipate a drop in demand in the years to come and the Saudi government wishes to “wean itself off” hydrocarbons by investing in emerging sectors such as the production of batteries for electric cars and the manufacturing of fuel-efficient vehicles. hydrogen.
A new “battery valley”?
Investment Minister Khalid Al-Falih expresses the kingdom’s ambitions by saying it aims to establish a true “automotive manufacturing hub” in the Middle East, a decision which is part of a strategy orchestrated more than ten years ago now in order to diversify the Saudi economy.
L’Saudi Arabia intends to produce 500,000 electric vehicles per year by
2030an ambitious goal that requires massive investments in renewable energy and the extraction of minerals needed to manufacture batteries.
Several manufacturers are interested
The kingdom could become a stronghold of the automobile industry well before that. Indeed, a tire factory is currently under construction and is intended to supply the factories of manufacturers Lucid and Hyundai.
Both companies have announced plans to expand into the country, with Tesla recently gaining approval to produce cars in Saudi Arabia. The first models to leave this factory will be on the roads from 2024.
Despite current geopolitical tensions, Khalid Al-Falih remains confident, saying that Saudi Arabia “checks all the boxes”and several Asian manufacturers have already expressed interest in the country for future investments.
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