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How Saudi Arabia’s investments are driving electric vehicle adoption in the Middle East | |
| Staff Writer |
In the next ten years, the Saudi government plans to spend $50 billion into electric vehicle production.
By 2030, it is anticipated that at least 30 percent of all cars operating in Riyadh will be battery-operated.
DUBAI: While the market for EVs is just getting started in the Middle East, the widespread release of innovative models is helping to speed up the region's shift away from the internal combustion engine.
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According to a recent report by Goldman Sachs, EVs will account for roughly half of all new car sales worldwide by 2035. Despite the fact that "the EV sector is beset by some major crosscurrents," the study authors at Goldman Sachs Research believe that technological advancements will eventually triumph.
However, the probability of at least some models becoming as cheap as vehicles with ICE engines before the end of the year increases as competition, government incentives, and falling prices of battery-related products and vehicle components make EVs more affordable.
Connectivity Services for Lucid Vehicles in KSA to Be Provided by STC Group Thanks to New Partnership with #Lucid LLC. (Supplied)
Although Tesla is presently the market leader in the Middle East, other electric models such as the MG ZS EV, Renault Zoe E-Tech, Volvo XC40 Recharge Pure Electric, and the brand new Swedish Polestar are all available in the region.
The national commitments to accelerate the transition from fossil fuels to renewable energy sources in order to reach net-zero targets within the coming decades are a major driver of the increased attention on EV adoption, including in the Arab Gulf states.