Saudi Arabia has made significant progress toward a successful entry into the electric vehicle market, with global sales approaching 6 million vehicles by the end of this year, after exceeding 2.5 million in the first half, with the most notable step being the statement made by Saudi Energy Minister Prince Abdulaziz bin Salman during his participation in the Business Forum of the Saudi Green Initiative for Youth (Green Youth), held in Riyadh.
On October 24, Prince Abdulaziz bin Salman stated, “We must not lock the doors to all the choices now accessible,” emphasizing that the Kingdom had the lowest cost of power in the world.
According to the Riyadh sustainability strategy for 2030, the Kingdom also wants at least 30 percent of automobiles in Riyadh to be electrified by 2030. The strategy intends to cut carbon emissions in the city by half, while also investing 346 billion riyals ($92 billion) in the city’s sustainability programs and projects, as well as providing investment possibilities to the private sector.
According to media remarks made in January by the Deputy Governor of the Saudi Standards Authority, Saud Al-Askar, Lucid Electric Vehicles Company plans to begin manufacturing its automobiles in Saudi Arabia in 2024 after applying to approve the model.
Lucid, whose shares are listed on the US market and are considered a US competitor to Tesla, is majority-owned by the Saudi Public Investment Fund. The Saudi Public Investment Fund, which holds around 62 percent of the company’s shares, benefitted from its early investment.
The Saudi Standards and Metrology Authority announced last August that it had received several requests from electric vehicle manufacturers for a certificate of “model approval for an electric vehicle,” following the requirements of the Technical Regulations for Electric Vehicles, noting that certification for one model would not be issued until August.
The organization stated that it is still working on establishing technical standards for providing conformity certifications for electric cars, chargers, and their accessories. It also encourages all auto dealerships and manufacturers to participate.
The “Specifications” stated that commercial imports of electric cars and chargers were permitted as long as the “Saudi Model Approval” certificate for the targeted models was obtained before the commencement of the import procedure.