Saudi Arabia, The World’s Largest Oil Exporting Nation, Wants To Sell 150,000 EVs By 2026

Saudi Arabia, which is the world’s largest oil exporter, recently unveiled plans to export electric vehicles under the country’s “Vision 2030” project. This is one of the most ambitious and critical projects in the country that has been focused on “cutting carbon emissions” along with achieving economic growth for the stability of the country and promoting the concept of sustainable transportation as well. Hence, the minister of communications and information technology of Saudi Arabia, Abdullah al-Swaha, stated that by 2026, the country will be able to “produce and export” more than 150,000 electric vehicles. Not to mention, Saudi Crown Prince, Mohammed Bin Salman, revealed the plans this week during the negotiations on National Industrial Strategy.

Hence, Al-Swaha said, “This was a dream, and it has become a reality under the leadership of the Crown Prince.” In addition to this, Saudi Arabia has also done its part in the investment sector, and the recent investment in “Lucid Motors” will enable it to reap the benefits in the long run. Al-Swaha said that the decision “has placed the Kingdom among developed countries.” It should be noted that Khalid Al-Falih is currently serving as Saudi Arabia’s Minister of Investment. Moreover, it has been reported that Saudi Arabia placed orders for around 50,000–100,000 electric vehicles with Lucid in April, and this will extend over a period of ten years.

Coupled with this, the CEO and CTO of Lucid Motors, Peter Rawlinson, said, “Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide.” He further stated, “We are delighted to be supporting Saudi Arabia in achieving its sustainability goals and net zero ambitions, as outlined by Saudi Vision 2030 and the Saudi Green Initiative, by bringing our advanced luxury EVs to Saudi Arabia. We plan to start manufacturing cars in 2025, and we will increase production in 2026 and 2027 to reach 150,000 cars annually. “

In addition to this, Saudi Arabia is considered one of the wealthiest countries with regard to holding crude oil as it contains 17% of the world’s share of crude oil reserves. However, it had to experience a small decline in the demand for oil during the recent pandemic of COVID 19, but overall, the strong grasp on oil makes its economy stand stronger in the world as well. It should be noted that one of the most important objectives of the “Vision 2030” is to transform at least 30% of vehicles into EVs by 2030, specifically in its capital city, Riyadh.

Hence, all of these efforts are focused on bringing down the levels of carbon emissions, and we can’t wait to see the progress of the plan.

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