Saudi Arabia mulls setting up local electric-car maker: report

30/04/2021 Argaam

An electric car

Saudi Arabia hired advisers including Boston Consulting Group to explore establishing its own domestic electric-car maker, Bloomberg reported, citing unnamed sources familiar with the matter.

 

The project is linked to existing plans to build up automotive infrastructure in the country and boost local manufacturing, the soures added.

 

The Public Investment Fund (PIF) is considering more than one project in the auto industry in Saudi Arabia, according to governor Yasir Al-Rumayyan.

 

The governor recently announced that PIF owns a 67% stake ($1.3 billion in investments) in Lucid Motors, adding that it is in talks with Lucid to build an electric vehicle factory in the Kingdom, Argaam reported.

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