Saudi Arabia wants to create its own electric vehicle manufacturer. The Kingdom has already invested and is in talks to open a factory in Jeddah.
The country’s government has hired consultants, including the Boston Consulting Group. Experts will explore options for creating a new electric vehicle manufacturer.
A government investment fund acquired a small stake in Tesla in 2018, but sold its shares shortly before the company’s insane rallies in late 2019 and throughout 2020.
The Saudi Arabian Sovereign Wealth Fund also invested $ 1 billion in Lucid Motors and was in talks with the company to open a plant in Jeddah.
During a media briefing in late January, the head of the kingdom’s wealth fund, Yasser Al-Rumayyan, said they want to negotiate deals to expand local production this year or next.
“We are now studying electrical devices. As for cars, we are currently considering several projects. They will be implemented this year or next year at the latest, ”Bloomberg reports.