Indian startup Pravaig Dynamics has signed a memorandum of understanding (MoU) to explore setting up a left-hand drive electric vehicle (EV) manufacturing unit in Saudi Arabia.
The unit will have a capacity of up to one million vehicles to cater to demand in the Gulf, Europe, and the US, Mint, the companies said in a joint statement.
“By combining Pravaig’s expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of $31 billion+ across international markets,” the statement added.
Siddhartha Bagri, CEO of Pravaig Dynamics, and Mansour Alsanooni, CEO of Saudi India Venture Studio, signed the MoU.
The startup unveiled two electric SUV models last year and specialises in battery manufacturing.
Saudi India Venture Studio is a Saudi state-backed investment firm that aims to accelerate the EV industry in the Kingdom.
The pact provides for exploring co-development, supply, and service special purpose vehicles, including EVs, artificial intelligence (AI)-driven solutions, advanced batteries, and energy storage solutions, the statement said.
In June, the Saudi Ministry of Industry and Mineral Resources granted an industrial license to Ceer, the first local electric vehicle (EV) brand.
The US-based EV maker Lucid Group is building its first overseas production factory in Saudi Arabia, with the Saudi government committed to buying up to 100,000 Lucid vehicles over the next decade.
