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Public Fund Drives Automotive Shift
Since 2018, the Public Investment Fund of the Kingdom has been leading a major transformation in the automotive and mobility industry through strategic investments and global partnerships. The focus has been on localizing manufacturing technology, developing national capabilities, and creating opportunities for the private sector, all aiming to establish the Kingdom as a global hub for electric vehicle manufacturing. In 2022, the national company "SIR" was launched as the first local manufacturing brand. The Kingdom also opened factories for Lucid and Hyundai vehicles, expanding production and supply of automotive components and clean energy solutions. The goal is to produce 150,000 vehicles by 2029 and to develop its infrastructure for electric vehicle charging.
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