Inflation in Saudi Arabia ‘unlikely’ to impact EV industry: Official

Logo of the Federation of Saudi Chambers (FSC)

The electric vehicles (EV) industry is “unlikely” to be affected by inflation, rising prices and current economic conditions prevailing in the world, given the transitory nature of inflation and tools to address it, Chairman of the Industrial National Committee at the Federation of Saudi Chambers (FSC), Ibrahim Al-Sheikh, said.

The automotive industry is a strategic industry, which will not be impacted by the current circumstances, Al-Sheikh added.

He indicated that the economy is going through several stages, but the present global conditions will not stop or change the Kingdom’s strategy in the EV industry, Al Yaum newspaper reported.   

The Chairman noted that the market needs to increase demand for national products, as he remains optimistic about economic growth in the coming period.