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 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.

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.