Saudi Arabia is planning to build 328,000 electric cars per year, given its investments in the sector, Public Investment Fund (PIF) Governor Yasir Al-Rumayyan said at the Saudi Green Initiative forum held at Sharm El-Sheikh.

Earlier this month, Saudi Crown Prince Mohammed bin Salman announced the launch of “Ceer”, the country’s first electric vehicle brand, through a joint venture between PIF and Taiwanese electronics company, Foxconn.

PIF said its cars would be available in 2025, adding Ceer would draw more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8 billion to the kingdom's GDP by 2034.

 The sovereign wealth fund owns more than 60% of US-based Lucid Group Inc, which has announced plans to build an electric vehicle (EV) assembly plant in Jeddah to manufacture 150,000 vehicles annually.  

(Editing by Seban Scaria