To better envision the future, Saudi Arabia is reportedly considering creating its own brand of electric cars.
Still dependent on oil, producing countries are wondering about the future. And more precisely the Gulf countries, like Saudi Arabia, which is actively considering its energy shift. And one of the solutions would be to create a national manufacturer of electric cars.
This was implied by a spokesperson for the Sovereign Fund of the Kingdom, who said that the country was seeking to diversify Saudi Arabia’s dependence on oil. This announcement comes in addition to that at the end of January from Yasir Al-Rumayyan, the head of the Public Investment Fund who said the kingdom was seeking to make deals for local production.
In Togg’s path
According to anonymous sources who spoke to Bloomberg, Saudi Arabia has hired advisers, including the Boston Consulting Group, to explore the possibilities of creating a national manufacturer of electric cars.
The country would then follow the trajectory of Turkey, which launched the Togg brand. To give itself the means to achieve its ambitions, Saudi Arabia would seek automotive partners. As such, let us recall that the kingdom and Lucid Motors have signed an agreement around the establishment of a production unit north of Jeddah, in the economic city of King Abdullah.