Saudi Arabia has stated that by 2030, it aims to have at least 30% of automobiles in Riyadh be electric.
The target, announced by the Royal Commission for Riyadh City, is part of a strategy to halve carbon emissions in the city over the next nine years, according to Fahd Al-Rasheed, the head of the Royal Commission for Riyadh City.
On the same day, Crown Prince Mohammed bin Salman pledged to eliminate global warming emissions within Saudi Arabia by 2060.
The Public Investment Fund has been investing in electric vehicles for several years, including Lucid Motors, Tesla’s rival.
Lucid is in talks with the fund to build an electric car factory in the kingdom, according to Bloomberg sources.
EV Metals Group Plc, based in Australia, recently announced a $3 billion investment in Saudi Arabia to produce metals needed in electric car batteries.