NewsSaudi Arabia shifts gear: from oil riches to pioneering EV battery domain

Saudi Arabia shifts gear: from oil riches to pioneering EV battery domain

The Kingdom of Saudi Arabia aims to produce its batteries for electric vehicles. The Saudis have initiated the search for new lithium deposits. Presently, China dominates the electric vehicle battery market.

Saudi Prince Mohammed bin Salman wants to develop new economic sectors.
Saudi Prince Mohammed bin Salman wants to develop new economic sectors.
Images source: © Getty Images | 2023 Anadolu

5 May 2024 19:06

Saudi Arabia, renowned for its substantial profits from crude oil exports, recognizes the impending limitations on gasoline and diesel production and is exploring new avenues for economic growth.

Saudi Arabia embarks on electric vehicle battery production, seeks lithium

The strategy of Crown Prince Mohammed bin Salman is to diversify into new manufacturing arenas, such as battery production. Saudi Arabia is actively scouting for lithium deposits within its borders and seeking potential international suppliers, according to our source.

While Saudi Arabia is interested in investing in Chile's lithium reserves, the Chilean government has yet to respond to these intentions. Additionally, the Saudis are investigating lithium extraction from seawater, with the Saudi Aramco corporation joining the initiative.

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