To get off the oil needle.
Since Arab investors invested early in the startup of electric car maker Lucid Motors, they now own 61% of its shares. The authorities of Saudi Arabia, according to Electrek, are going to use this opportunity not only to purchase from 50,000 to 100,000 electric vehicles of this brand by the end of this decade, but also to organize local assembly of electric vehicles in their country. Construction began in May on a Lucid electric vehicle assembly plant in Saudi Arabia.
Image Source: Lucid Motors
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The government program assumes that by 2026 the Kingdom will be able to produce and export more than 150,000 electric vehicles a year. Among other things, this will allow Saudi Arabia to increase the share of non-oil income in GDP from the current 16% to 50% by the end of the decade. The country has 17% of the world’s proven oil reserves, so the impact of this factor on the national economy is very high. The authorities are aiming to reduce it by the end of the decade, and the release of electric vehicles will be one of the factors contributing to this.