Riyadh s multi-billion EV dream risks crashing into reality cyprus-mail.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cyprus-mail.com Daily Mail and Mail on Sunday newspapers.
Riyadh has spent billions to
try to turn itself into a hub for electric vehicles and overcome
obstacles including a lack of infrastructure, talent and raw
materials, as it seeks to catch up in the.
Riyadh has spent billions to try to turn itself into a hub for electric vehicles and overcome obstacles including a lack of infrastructure, talent and raw materials, as it seeks to catch up in the global race to reap the profits of the new industry. As part of a broader plan by Saudi Crown Prince Mohammed bin Salman to wean the economy off oil and create jobs, the kingdom has invested at least $10 billion in U.S.-based Lucid Motors, set up Ceer, Saudi Arabia's own brand, and built an EV metals plant. The Public Investment Fund (PIF), Saudi Arabia's $700 billion sovereign wealth fund, has a goal to produce 500,000 EVs annually by 2030, up from a target of 150,000 in 2026.
Saudi Arabia ranked among top 10 developing economies in e-commerce arabnews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from arabnews.com Daily Mail and Mail on Sunday newspapers.