Indian electric vehicle (EV) startup Pravaig Dynamics has entered into a memorandum of understanding (MoU) with Saudi India Venture Studio to explore the establishment of a left-hand drive EV manufacturing facility in Saudi Arabia. The ambitious project is set to have a staggering capacity of up to one million vehicles, strategically positioned to cater to the burgeoning demand for EVs in the Gulf, Europe, and the US markets, as stated in a joint announcement by both companies.
The MoU represents a significant collaboration, with Pravaig Dynamics bringing its expertise in EV technology and battery manufacturing, while the Kingdom of Saudi provides invaluable support and strategic guidance. The collaboration is envisioned to unleash unprecedented economic opportunities, estimated to be worth over $31 billion, across international markets.
The signing of the MoU was carried out by Siddhartha Bagri, the CEO of Pravaig Dynamics, and Mansour Alsanooni, the CEO of Saudi India Venture Studio. Pravaig Dynamics made its mark last year by unveiling two electric SUV models, showcasing its specialization in cutting-edge battery manufacturing.
Saudi India Venture Studio, on the other hand, is a state-backed investment firm in Saudi Arabia with a mission to accelerate the growth of the EV industry within the Kingdom.
The agreement lays the foundation for collaborative efforts in co-development, supply, and service of special purpose vehicles, with a strong focus on EVs, artificial intelligence (AI)-driven solutions, advanced batteries, and energy storage solutions, according to the joint statement.
This move comes hot on the heels of another significant development in Saudi Arabia’s EV landscape, with the Saudi Ministry of Industry and Mineral Resources granting an industrial license to Ceer, the first local EV brand in the country.
Moreover, the enthusiasm for the EV industry in Saudi Arabia extends to international players as well, as the US-based EV maker Lucid Group is in the process of constructing its maiden overseas production factory within the Kingdom. Notably, the Saudi government has committed to purchasing up to 100,000 Lucid vehicles over the next decade, signaling the Kingdom’s commitment to embracing sustainable and eco-friendly transportation solutions.
With the collaboration between Pravaig Dynamics and Saudi India Venture Studio, the EV sector in Saudi Arabia is set to witness a remarkable boost, contributing to the region’s growing prominence as a global player in the electric mobility revolution. As the world shifts towards cleaner and greener transportation, this partnership holds the promise of transforming the automotive landscape and fostering a sustainable future for generations to come.