Research Report on “Saudi Arabia Electric Vehicle Market, By Vehicle Type, By Propulsion, By Range, By Battery Capacity, By Region, Competition Forecast & Opportunities, 2028” under Automotive Market Research Reports category. The Electric Vehicle Market in Saudi Arabia is projected to exhibit highest growth rate over report offers a collection of superior market research, market analysis, and competitive intelligence and industry reports.

Saudi Arabia Electric Vehicle market is anticipated to register robust growth in the forecast period, 2024-2028. Increased government focus on adopting renewable energy and rise in efforts to lower the dependency on the oil & gas industry and generate an alternate source of income are the primary factors driving the demand for electric vehicles in Saudi Arabia. The Kingdom of Saudi Arabia aims to reach net-zero emissions by 2060 under the kingdom development while maintaining the leading role in the oil & gas industry. Also, the flourishing transportation and logistics industry owing to the ongoing commercial and trade activities and the growing preference of consumers towards private vehicle ownership is expected to bolster the demand for Saudi Arabia electric vehicle market.

Increased Production and Sales of Electric Vehicles Drive the Market Growth
The Ministry of Investment of Saudi Arabia ("MISA"), the Saudi Industrial Development Fund ("SIDF"), and the Economic City at King Abdullah Economic City ("KAEC") have signed an agreement to accelerate the goal set by leading authorities and meet the emission targets. Lucid has announced plans to invest in developing the advanced electric vehicle manufacturing industry to address the growing demand for electric vehicles. The new manufacturing plant aims to build around 150,000 vehicles per year at the King Abdullah Economic City by using the United States research and development technical expertise to assemble better-performing versions of electric vehicles. The setting up of a new plant is expected to create numerous job opportunities and support the skill development of people. Also, Saudi Arabia and Taiwan's Foxconn Technology Group are expected to work together to fuel the development of electric vehicles in the country. The rise in the companies' interest in investments in the Kingdom of Saudi Arabia to develop electric vehicle infrastructure is expected to propel market growth through the next five years.

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