According to electrek reports, Saudi Arabia, the world's largest oil exporter, released its "Vision 2030" strategy, planning to export more than 150,000 electric vehicles by 2026.
As part of its "Vision 2030" plan, Saudi Arabia has committed to buying at least 50,000 (and up to 100,000) electric vehicles from Lucid Motors. The strategy includes bringing advanced electric vehicles to Saudi Arabia while increasing non-oil GDP to 50% from the current 16%.
"By 2026, Saudi Arabia will manufacture and export more than 150,000 electric vehicles," Abdulla Al-Swaha, Saudi Communications and IT Minister, reportedly said on Wednesday.
Lucid Motors revealed in 2018 that Saudi Arabia’s Public Investment Fund (PIF) had invested more than $1 billion in it, an investment that was later rumored to allow Lucid to build a manufacturing facility in the country.
The Saudi investment in Lucid, with 61% ownership, will "put the kingdom among the developed nations". Construction of Lucid's electric vehicle manufacturing plant began in May, Saudi Investment Minister Khalid Al-Faith said.
