Saudi Arabia ventures into electric vehicles
This page is translated from the original post "L’Arabie Saoudite se lance dans l’électrique" in French.
- 14/06/2023 12:28
Saudi Arabia invests 5.2 billion dollars in the development and production of the Chinese brand HiPhi.
The Saudi Investment Ministry has signed an agreement with the Chinese firm Human Horizons, with a contract worth 5.2 billion dollars. The company was founded in 2017 and is best known as HiPhi, with its numerous electric vehicles.
Focusing on electric, when you hold the second-largest oil reserve in the world, is that ironic?
Yes, Saudi Arabia holds the second-largest oil reserve in the world, but that is not the most important point. Today, the Middle Eastern country is partnering with China to promote the electric market worldwide. This is not the first time the Saudis have done this.
Saudi Arabia has been supporting another electric market company for several years, which is Lucid Motors. Lucid Motors notably marketed the Air model from its sedan range, which aims to compete with Tesla by Elon Musk.
Other investments
To fund initiatives such as technology, renewable energies, or agriculture, the Saudi government allocated 9.2 billion euros. This occurred during the trade conference between the Chinese and Saudis. A bet on the future and a shift towards ecological transition.
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