Saudi Arabia boosts local EV content

The Local Content and Government Procurement Authority signed two agreements with Sirwa National Cars Company aimed at localizing the electric vehicle industry in Saudi Arabia, supporting the development of the national industrial sector. The agreements target the manufacturing of electric cars in both sedan and four-wheel drive categories, with the company's products being included in the mandatory list of national products, thereby promoting government spending on local products and empowering Saudi manufacturers. These initiatives are expected to generate an economic impact of 9.213 billion riyals on GDP over the next ten years and create more than 2,600 jobs. The company also aims to establish an integrated industrial ecosystem and achieve a local content rate of 45% by 2034.

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