Saudi Arabia is projected to build three electric vehicle factories in the near future. This was revealed by Saudi Arabian Investment Minister Khalid Al-Falih at the 2022 World Economic Forum in Davos, Switzerland on Wednesday (25/5/2022).
The first electric vehicle factory refers to the Lucid electric vehicle plant set up in the King Abdullah Economic City (KAEC) near the main Red Sea trading port.
The electric vehicle factory is targeted to be able to assemble 150,000 electric vehicles within two years. The Saudi Public Investment Fund itself is the majority shareholder in Lucid
Al-Falih said the Kingdom of Saudi Arabia is trying to attract US$175 billion in foreign investment annually, up from the current US$20 billion investment.
āWe attracted foreign direct investments worth $20 billion, which is four times than what it was when the Kingdom’s Vision 2030 was launched, as everything is growing, and most of the investments I talked about are in new sectors such as technology and tourism. We are the world’s largest investor in green hydrogen,” said Al-Falih
Apart from the Lucid plant in Saudi Arabia, Al-Falih did not provide details about other potential factories.
