Saudi Arabia Electric Vehicle Market Share

Market Share of Saudi Arabia Electric Vehicle Industry

The competitive landscape in the Saudi Arabia electric vehicle (EV) market is evolving rapidly, marked by a blend of local and international players striving to capitalize on the kingdom's commitment to sustainable transportation. Several key dynamics shape this landscape, such as:

• In March 2024, the first electric vehicle (EV) brand and original equipment manufacturer (OEM) in Saudi Arabia revealed a significant SAR 5 billion (USD 1.3 billion) contract for the establishment of the Ceer Electric Vehicle Manufacturing Complex in King Abdullah Economic City.
• In October 2023, Hyundai announced its plans for an electric vehicle manufacturing facility in Saudi Arabia.
• Early discussions were underway between Saudi Arabia and Tesla in September 2023 regarding the establishment of a manufacturing facility in the kingdom, aiming to diversify the nation's economy away from oil.
• In May 2022, Lucid Group outlined intentions to establish an EV manufacturing facility in Jeddah, featuring a production capacity of 155,000 vehicles annually. This facility will be Lucid's first outside the United States, initially focusing on serving the local market.

Saudi Arabia Electric Vehicle Market Leaders

1. Renault Group

2. Lucid Motors

3. Chevrolet Inc

4. Hyundai Motors

5. Ford Motor Company

*Disclaimer: Major Players sorted in no particular order