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Due to increased technological developments, an increase in the number of low-cost electric car launches, and Saudi Arabia’s desire to improve energy efficiency in its transportation sector, the Saudi Arabian electric vehicle market is experiencing substantial growth.
The Saudi Arabian electric vehicle market is expanding positively as a result of low-cost environmentally friendly transportation, technologically advanced batteries, the availability of tax exemptions and subsidies for both consumers and manufacturers of electric vehicles, rising investments in the construction of charging stations throughout the nation.
The Saudi Arabian electric vehicle market is expanding due to advances in EV battery technology and rising demand for commercial vehicles.
Additionally, factors including more affordable electric vehicles, increased installation of charging infrastructure, and a thriving logistics and transportation sector are anticipated to boost market expansion.
In addition, the Kingdom of Saudi Arabia hopes to achieve net-zero emissions while continuing to hold the top position in the oil and gas sector. Additionally, this presents a lucrative opportunity for the expansion of the Saudi Arabian market for electric vehicles.
The Saudi Arabia Electric Vehicle Market Accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.
Saudi Arabia has introduced Ceer, the country’s first electric vehicle brand, which will support the country’s automobile manufacturing industry.
The launch is consistent with the Public Investment Fund’s (PIF) policy, which focuses on developing local promising sectors’ potential to generate economic diversification and further Vision’s goals.
Additionally, the business will support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability to mitigate the effects of climate change.
Ceer will develop, build, and market a variety of vehicles for customers in Saudi Arabia and the, including sedans and sports utility vehicles. Ceer is the first Saudi automotive company to create electric vehicles in the Kingdom.
The Saudi Arabian government’s NEOM project is a bold endeavor to create a new metropolis that would serve as a hub for innovation, sustainability, and technological development. NEOM will be more than 10,000 square miles in size and will be situated in Saudi Arabia’s northwest near the Red Sea coast. One million people will live in the metropolis, which will be totally powered by renewable energy sources.
The NEOM project’s mobility component is one of its main pillars, and the city’s transportation plan heavily emphasizes electric vehicles. In order to move people about, the city plans to be car-free and will rely on a network of public transit choices, including electric buses and trains. Additionally, NEOM has teamed up with Lucid Motors to establish an electric vehicle production facility in the city.
Private electric vehicles will also be offered. The production facility represents a sizable investment in Saudi Arabia’s electric car market, with an initial annual production capacity of 34,000 vehicles.
The factory will make various electric vehicles in addition to the Air, a high-end electric sedan from Lucid. One of the largest electric car manufacturing facilities in the world, the factory may possibly increase its production capacity to 400,000 vehicles annually.
The collaboration between NEOM and Lucid Motors is an important step in developing Saudi Arabia’s domestic electric vehicle market. The facility will provide Saudi citizens with employment opportunities and support the expansion of the Saudi economy. Additionally, it will assist the nation in reducing its reliance on oil and in making the transition to a more ecologically friendly and sustainable economic system.
With its luxurious electric car, the Lucid Air, Lucid has been making waves in the electric vehicle business. Saudi Arabian customers may now buy the Lucid Air. A premium electric automobile with excellent specs and features is called the Lucid Air.
The Lucid Air, Lucid Air Touring, and Lucid Air Grand Touring are the three main variations of the vehicle. One of the market’s longest-range electric vehicles, the Lucid Air can go up to 406 miles on a single charge. In addition to being extremely quick, the Lucid Air can accelerate from 0 to 60 mph in as little as 2.5 seconds.
The Lucid Air is outfitted with a cutting-edge battery solution that makes use of Li-ion batteries with a silicon bias. Compared to conventional lithium-ion batteries, this technology makes it possible for automobile batteries to charge quicker and last longer. The revolutionary DreamDrive system, a collection of driver aid technologies that improve safety and comfort while driving, is another highlight of the Lucid Air.
The DreamDrive system has functions including autonomous emergency braking, lane departure warning, and adaptive cruise control. Lucid Motors and the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, have partnered there. Lucid Motors received billions of dollars in investment from the PIF, and the company plans to build an electric vehicle manufacturing facility there.
34,000 vehicles per year are anticipated to be produced at the plant, which will make the Lucid Air. The Lucid Air is a fascinating addition to the Saudi Arabian market for electric vehicles. The Lucid Air is an intriguing alternative for people searching for a premium electric car because to its remarkable range, speed, and cutting-edge technology. The collaboration between Lucid Motors and the PIF is also a step in the right direction for the growth of Saudi Arabia’s domestic electric vehicle market.
