Saudi Arabia seeks to produce electric cars locally

Bloomberg agency quoted what it said are “informed sources”, revealed that Saudi Arabia is in talks with the Taiwanese company “Foxconn”, which manufactures iPhones for Apple, in order to form a joint venture to manufacture electric cars locally.

Two sources indicated that “the Public Investment Fund in the Kingdom of Saudi Arabia, which manages assets of about 450 billion dollars, will establish a new entity called Velocity, to be the largest shareholder in the joint venture.

Foxconn will provide software, electronics and electrical engineering for new electric vehicles, and will be a minority stakeholder in the collaboration, one of the sources said.

Another source explained that this arrangement will help the country gain experience in manufacturing cars, while Bloomberg quoted another source as saying that the joint venture is looking to assemble electric vehicles on a chassis licensed by BMW AG, as “the two sides plan to sign an agreement”.

By the end of this year, according to one person, although no final decisions have been made, and plans may change”.

According to Bloomberg, the Saudi-backed Lucid Electric Vehicle Company is in talks about an electric car factory near Jeddah.

According to experts, electric cars are the future.

The technology to manufacture these vehicles is constantly evolving, and the demand for the global electric car market is expected to reach $1,212 billion by 2027.

The reason for this tremendous growth is due to the race of countries and major auto manufacturers in the world to produce and develop better and more durable electric cars than their predecessors, and it is not limited to one model, each company announces its intention to produce different types of these vehicles.

Chevrolet, for example, announced its intention to produce 30 different types of electric cars by 2025, while Hyundai pledged to manufacture 23 new types of these cars during the same period, as did Mercedes and Toyota and the rest of the companies that are racing to win t

Bloomberg agency quoted what it said are “informed sources”, revealed that Saudi Arabia is in talks with the Taiwanese company “Foxconn”, which manufactures iPhones for Apple, in order to form a joint venture to manufacture electric cars locally.

Two sources indicated that “the Public Investment Fund in the Kingdom of Saudi Arabia, which manages assets of about 450 billion dollars, will establish a new entity called Velocity, to be the largest shareholder in the joint venture.

Foxconn will provide software, electronics and electrical engineering for new electric vehicles, and will be a minority stakeholder in the collaboration, one of the sources said.

Another source explained that this arrangement will help the country gain experience in manufacturing cars, while Bloomberg quoted another source as saying that the joint venture is looking to assemble electric vehicles on a chassis licensed by BMW AG, as “the two sides plan to sign an agreement”.

By the end of this year, according to one person, although no final decisions have been made, and plans may change”.

According to Bloomberg, the Saudi-backed Lucid Electric Vehicle Company is in talks about an electric car factory near Jeddah.

According to experts, electric cars are the future.

The technology to manufacture these vehicles is constantly evolving, and the demand for the global electric car market is expected to reach $1,212 billion by 2027.

The reason for this tremendous growth is due to the race of countries and major auto manufacturers in the world to produce and develop better and more durable electric cars than their predecessors, and it is not limited to one model, each company announces its intention to produce different types of these vehicles.

Chevrolet, for example, announced its intention to produce 30 different types of electric cars by 2025, while Hyundai pledged to manufacture 23 new types of these cars during the same period, as did Mercedes and Toyota and the rest of the companies that are racing to win the future markets.

There are even new emerging companies such as “Rivian” and “Payton” that enter the market every day, and are working on developing their own electric cars, as the market is very promising, and the race towards the future never stops.

The car and driver website has monitored a list of all electric cars that are expected to be seen on the world’s roads in the next five years, including luxurious and expensive cars, the price of which reaches more than 3 million dollars, and popular cars will be the price is affordable.

markets.

There are even new emerging companies such as “Rivian” and “Payton” that enter the market every day, and are working on developing their own electric cars, as the market is very promising, and the race towards the future never stops.

The car and driver website has monitored a list of all electric cars that are expected to be seen on the world’s roads in the next five years, including luxurious and expensive cars, the price of which reaches more than 3 million dollars, and popular cars will be the price is affordable.

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