Pravaig Dynamics, an Indian electric vehicle (EV) startup, has signed a memorandum of understanding (MoU) with Saudi India Venture Studio to explore setting up a left-hand drive EV manufacturing unit in Saudi Arabia. The unit would have a capacity of up to one million vehicles and would cater to demand in the Gulf, Europe, and the United States.
The MoU was signed by Siddhartha Bagri, CEO of Pravaig Dynamics, and Mansour Alsanooni, CEO of Saudi India Venture Studio. Pravaig Dynamics is a leading EV manufacturer in India, and its two electric SUV models, the Pravaig Extinction and the Pravaig Instigo, have been well-received by the market. The company also specializes in battery manufacturing.
Saudi India Venture Studio is a Saudi state-backed investment firm that aims to accelerate the EV industry in the Kingdom. The MoU between Pravaig Dynamics and Saudi India Venture Studio provides for exploring co-development, supply, and service of special purpose vehicles, including EVs, artificial intelligence (AI)-driven solutions, advanced batteries, and energy storage solutions.
The signing of the MoU is a significant development in the growing EV industry in Saudi Arabia. The country has ambitious plans to become a major player in the global EV market, and the establishment of a Pravaig Dynamics manufacturing unit would be a major step in that direction.
In June, the Saudi Ministry of Industry and Mineral Resources granted an industrial license to Ceer, the first local electric vehicle (EV) brand. Ceer is planning to launch its first EV in 2024, and it is expected to produce up to 170,000 vehicles per year by 2030.
The US-based EV maker Lucid Group is also building its first overseas production factory in Saudi Arabia. Lucid has committed to selling up to 100,000 vehicles to the Saudi government over the next decade.
The growing EV industry in Saudi Arabia is a testament to the country’s commitment to sustainability. The government has set a target of reducing carbon emissions by 27% by 2030, and the development of the EV industry is seen as a key part of achieving this goal.
The Pravaig Dynamics MoU is a positive development for the EV industry in Saudi Arabia. It shows that the country is serious about its plans to become a major player in the global EV market. With the support of the government and the growing demand for EVs, the Saudi EV industry is poised for significant growth in the years to come.
