Saudi Arabia aims to produce 500,000 cars by 2030: PIF Official

Muhammad AlShiha, Head of PIF's Automotive and Mobility Sector

Saudi Arabia is making good progress toward producing more than 500,000 vehicles by 2030, according to Muhammad AlShiha, Head of the Public Investment Fund’s (PIF) Automotive and Mobility Sector.

In an interview with Al Arabiya on the sidelines of the second PIF Private Sector Forum, AlShiha stated that the PIF is working on five upcoming supply chain projects, and five international companies will begin operating in the Kingdom to produce parts for the Lucid, SER, and Hyundai factories.

Ceer, Saudi Arabia’s first automotive brand to produce electric vehicles in the Kingdom, is currently working on engineering and designing cars, AlShiha said, expecting the designs to be announced soon. Ceer’s plant is under construction in King Abdullah Economic City (KAEC).

Work is also underway to design and build a Hyundai factory that will produce 50,000 cars per year, he added.

AlShiha also emphasized the importance of the automotive sector in enabling the economy, creating highly skilled jobs, and attracting investment to the Kingdom.

He believes that the Automotive Manufacturers Association will help to strengthen the government-private sector partnership, as well as the PIF-private sector partnership, in order to increase investment in automotive supply chains.