The automotive industry is undergoing a transformative shift as electric vehicles (EVs) steadily gain momentum. President Biden has made the transition to EVs a cornerstone of his administration's climate agenda, proposing a slew of policies and incentives to promote their adoption. While these efforts have been met with enthusiasm from environmentalists and EV advocates, some critics have raised concerns about the potential costs for consumers and the broader economy.

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.