Indian electric vehicle startup Pravaig Dynamics is eyeing the Kingdom of Saudi Arabia to develop its new production plant for left-hand-drive models.
Pravaig Dynamics reportedly announced it had already inked the necessary Memorandum of Understanding (MoU) with Saudi India Venture Studio at last week’s G20 Young Entrepreneurs Alliance Summit in New Delhi.
About the investment
Bengaluru-based EV company claims that the planned factory in the Kingdom would hit an annual production rate of up to 1 million-unit. It further noted that these EV supplies will fulfill the growing Gulf, US, and Europe demand.
Notably, SIVS CEO Mansour Al-Sanooni and Pravaig Dynamics CEO Siddhartha Bagri officially signed the MoU as they aim to accelerate the EV shift in the Kingdom.
For context, SIVS is a local company with substantial support from the government.
“By combining Pravaig’s expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of $31 billion-plus across international markets.”
Siddhartha Bagri, Pravaig Dynamics CEO
In that sense, the partners will collaborate in “co-development, supply and service special purpose vehicles.” The project includes matters related to electric cars, AI-powered solutions, and advanced BESS.
Saudi Arabia continues to expand its EV supply chain
Saudi Arabia previously announced targets of hitting carbon neutrality by 2060. Apart from that, the Kingdom’s National Strategy for Transport and Logistics also aims to boost EV uptake to 25% by 2030.
Like most governments worldwide, the Kingdom started to promote clean energy vehicles to lead the charge toward sustainability.
For instance, the Transport General Authority introduced an EV-related program in early July, which enables citizens and tourists to rent electric models from Lucid Motors.
Even further, Lucid Middle East’s VP, Faisal Sultan, previously disclosed plans to launch its first Saudi-built EV in September. Notably, that is on top of the company’s 2022 plan to erect a factory with a production rate of 155,000 units in the Kingdom.
“Very exciting things are happening at Lucid, and if you take a flight to Jeddah and drive to King Abdullah Economic City, where our plant is going to be located … Pretty soon we are going to start putting equipment in that.”
Faisal Sultan, Lucid Middle East’s VP
See Also:
- Saudi Arabia launches its domestic auto industry by going electric
- Wehrlein’s Porsche 99X Electric Gen3 wins first of two Formula E-Prix in Saudi Arabia
- Saudi Arabia aims to produce 500,000 electric cars per year
- Lucid Group raises $1.5 billion from the Saudi public wealth fund and other investors
- Saudi Crown Prince launches the kingdom’s first EV brand Ceer with Foxconn
Notably, Pravaig Dynamics primarily aims to produce and promote electric mobility technologies. With this new partnership, the Indian company may aid the Kingdom’s electric vehicle uptake by offering its EV tech and expertise. It would also boost local EV production in the country, resulting in more affordable models.
