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Saudi Arabia's EV Ambitions Gain Momentum with $1.3 Billion Factory Contract

Saudi Arabia's EV Ambitions Gain Momentum with $1.3 Billion Factory Contract

The Kingdom of Saudi Arabia is poised to become a major player in the burgeoning global electric vehicle (EV) market. The nation's sovereign wealth fund, the Public Investment Fund (PIF), has awarded a $1.3 billion contract to Lucid Motors to establish a manufacturing facility in the kingdom. This significant investment marks a pivotal step in Saudi Arabia's ambitious plans to become a regional EV hub and diversify its economy beyond oil.
8 months ago
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