Industry Lucid to start manufacturing in Saudi next month The construction of Public Investment Fund-backed Lucid Group’s manufacturing facility in Saudi Arabia is well underway, with vehicle re-assembly operations expected to commence in September 2023. “At its peak, we expect to manufacture up to 155,000 vehicles per year at the facility,” the US electric vehicle (EV) manufacturer said in its second quarter earnings release. […] August 8, 2023
Analysis Transport Electric car sales on the charge due to UAE policy The UAE is forecast to encounter a 32 percent increase in sales of passenger electric vehicles this year as the government launches a national policy to support the sector’s growth. Sales are expected to reach almost 22,000, up from an estimated 16,442 in 2022. Longer-term calculations suggest the total number of EVs will exceed 370,000 […] August 2, 2023
Transport SNB Capital invests $100m in South Korean EV battery maker Saudi asset manager SNB Capital has bought a $100 million stake in South Korean electric vehicle (EV) battery manufacturer SK On, it announced on Tuesday. The investment was made through SNB Capital EV Batteries, a sharia-compliant fund which aims for attractive returns related to the growing global demand for EVs. SK On is one of […] July 11, 2023
Manufacturing Local brand powers Turkey’s rocketing EV sales The sale of electric vehicles (EVs) in Turkey surged 465 percent year on year in the first half of 2023, driven by the country’s first local car and the launch of new brands. 12,792 EVs were sold in the year to June, the Daily Sabah newspaper reported, citing data from the Automotive Distributors and Mobility […] July 9, 2023
Manufacturing Saudi-backed Lucid in EV deal with UK’s Aston Martin Saudi Arabia-backed Lucid Group has signed a deal with British luxury carmaker Aston Martin to produce high-performance electric vehicles (EVs) from 2025. The Public Investment Fund (PIF), one of the largest sovereign wealth funds in the world, owns a 65 percent stake in the US-based EV manufacturer. As part of the agreement, Lucid will supply […] June 27, 2023
Transport Food delivery drives Turkish motorbike sales Turkey has recorded a sharp rise in the number of motorcycles on its roads, as the online food delivery business in the country continues to expand. A total of 223,541 vehicles were registered in May, and 45.4 percent of these were motorcycles and scooters according to data published by the Turkish Statistical Institute (TSI). Cars […] June 26, 2023
Manufacturing Ceer gets licence to build EV production facility in Saudi Saudi Arabia’s Ministry of Industry and Mineral Resources has granted an industrial licence to Ceer, the first local automotive brand to produce electric vehicles. The licence is required for Ceer to build its manufacturing facility over one million square metres of land in King Abdullah Economic City’s Industrial Valley. Ceer, launched last November, is a […] June 26, 2023
Manufacturing Abu Dhabi-backed firm to invest $740m in Chinese EVs CYVN Holdings, an investment firm owned by the Abu Dhabi government, will invest about $738.5 million in Nio Inc, a Chinese electric vehicle maker. As a result of the deal, CYVN will own a seven percent stake in Nio, the Chinese firm said, adding that the holding will entitle the Emirati investment firm to nominate […] June 21, 2023
Transport Qatar’s EV ambitions grow with Vim brand launch Electric vehicle sales could make up 20 percent of the total auto market in Qatar by 2032, experts forecast, as the Gulf state launches its first EV brand. Qatar-based Ecotranzit showcased the first prototypes of its Vim-branded electric vehicle earlier this month. They are manufactured under its exclusive intellectual property rights deal with partners including […] June 14, 2023
Transport Tunisia offers cash bonus to switch to electric vehicles Motorists in Tunisia are being offered bonuses of TD10,000 ($3,200) per car to make the switch to electric vehicles as the government looks to accelerate its sustainability efforts. A survey carried out by Tunisia’s Environment Ministry said that reaching 50,000 electric vehicles (EVs) by 2025 and 130,000 by 2030 will save 2.2 million tonnes of […] June 1, 2023
Sustainability EVs will make up 50% of cars on UAE roads by 2050 The UAE seeks to increase the share of electric vehicles (EVs) to 50 percent of total cars on its roads by 2050 in a bid to drive green mobility, said minister of energy and infrastructure Suhail Al Mazrouei. “We seek to create a conducive environment for the growth of the EV market in the UAE […] May 31, 2023
EXCLUSIVE Lifestyle McLaren gears up for Middle East supercar spending spree McLaren is aiming to double supercar sales in the Middle East and Africa this year, largely driven by demand in the UAE and the arrival of its Artura hybrid model. The carmaker, which is based in Woking in the UK and has Bahrain’s sovereign wealth fund Mumtalakat as its largest shareholder, expects Dubai to be […] May 23, 2023
Manufacturing Saudi funding fails to stem $780m losses at Lucid Electric vehicle maker Lucid Group’s losses continue to widen despite the Saudi government extending $2.4 billion in funding last year. Lucid, in which the Saudi sovereign wealth fund, the PIF, owns a 65 percent stake, reported a first-quarter net loss for 2023 of $779.5 million, a year-on-year increase of 28.8 percent. “I believe that there […] May 10, 2023
Sustainability Ford to roll out electric vehicles across GCC next year US automaker Ford Motor Co. plans to launch its electric vehicles (EV) in the Middle East in 2024, according to a media report. The automaker will introduce EV models to the Gulf before moving into the wider region, Chris Noel, managing director of Ford Middle East and Africa, told Bloomberg. He stated that manufacturing limitations […] March 30, 2023
Manufacturing Renault’s hybrid move will power up Morocco’s EV ambitions Morocco’s status as a regional electric vehicle manufacturing hub has been boosted by French carmaker Renault Group’s announcement that it will move production of its hybrid model from Romania to Tangier in the second quarter of 2024. The new production line for the Dacia Jogger model is expected to produce up to 120,000 vehicles per […] March 29, 2023
Energy Emirates drives growth in electric vehicle adoption The UAE is known for its SUVs and supercars, but companies in the Gulf state are accelerating the drive worldwide towards electric vehicles. The number of EVs on the road globally is expected to reach 200 million by 2030, says Gustave Cordahi, principal with Strategy& Middle East. EV sales are projected to surpass those of […] March 17, 2023
Manufacturing Olayan and Canoo sign deal for electric vehicles in Saudi Saudi Arabian general contracting company GCC Olayan has signed a deal with US electric vehicles maker Canoo for the sale, service and distribution in the kingdom of its EVs. Part of Saudi conglomerate The Olayan Group, GCC Olayan said the partnership was the first step in plans to expand beyond the initial dealership agreement, with […] January 27, 2023
Sustainability UAE plans to build its first electric vehicle battery recycling facility Beeah Recycling has signed an agreement with the UAE Ministry of Energy and Infrastructure and the American University of Sharjah with a view to setting up the country’s first recycling plant for end-of-life batteries from electric vehicles (EVs). The facility will be added to Beeah Recycling’s integrated waste management complex, which currently has 10 specialised […] January 20, 2023
Opinion Energy There’s no quick fix on energy. At PIF, we’re just getting on with it The Saudi sovereign wealth fund's head of energy and utilities explains why the transition to renewables is coming, but can't happen overnight – and why electric cars are older than you think January 9, 2023
Manufacturing Saudi’s Ceer spends $96m on plot for electric car factory Ceer, Saudi Arabia’s first electric vehicle brand, has spent nearly $96 million on an industrial plot at King Abdullah Economic City. In a stock market filing on Saudi’s Tadawul, developer Emaar Economic City said a land sale deal had been signed and KAEC’s Industrial Valley would host a “specialised factory” to manufacture electric vehicles. Ceer […] November 29, 2022
Manufacturing Daimler and DHL launch truck parts centre in Dubai Commercial vehicles company Daimler and logistics provider DHL are to launch a Daimler truck parts facility in Dubai in December. The new parts centre will open in Dubai World Central, the economic zone supporting logistics and businesses around Al Maktoum International Airport. Daimler Commercial Vehicles Mena (DCV Mena) and DHL Global Forwarding have forged a […] November 28, 2022
Analysis UAE and Germany grow ever closer with shared net zero goals The first four Mercedes Benz cars arrived in Abu Dhabi in 1965, imported by the Al Fahims, who founded Emirates Motor Company three years earlier. Last year, the UAE imported German automobiles worth nearly $1.2 billion. Also in the mid Sixties, the German company Siebert discovered enough water close to Al Ain to enable the […] September 30, 2022
