Saudi Crown Prince Mohammed bin Salman unveiled the “Sir” firm today, Thursday, making it the country’s first name in the electric vehicle market.
According to Prince Mohammed bin Salman, the new business will help draw in domestic and foreign capital and offer numerous employment possibilities to locals.
The Public Investment Fund and Foxconn are partners in the “Sir” project, and “BMW” will offer licences for the company’s electric car components.
According to the Saudi News Agency, “Sir” will develop, produce, and market electric vehicles as well as technical solutions for self-driving vehicles. The company’s vehicles are expected to be on the market by 2025.
The company “Sir” is anticipated to bring in up to 562 million riyals in foreign investments for the Kingdom, in addition to creating 30 thousand direct and indirect jobs and contributing 30 billion riyals to the GDP by 2034.
It is noteworthy that Saudi Arabia has shown interest in the electric vehicle industry and currently holds a majority stake in the company “Losd,” which is in the process of building the country’s first integrated factory to produce electric vehicles. According to agreements signed by Lusd, the factory will have a capacity to produce 155 thousand vehicles annually and will cost more than 12 billion Saudi Riyals to construct.
Mohammed bin Salman establishes the first electric vehicle firm in Saudi Arabia.
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