Climate (MENA) 
Egypt Edition 
UAE 
Saudi Edition 
MENA <> India Corridor 
Logistics (MENA) 
Share
Read Full Issue 
India’s mobility startup Pravaig Dynamics could be setting shop in KSA: India’s deep tech mobility company Pravaig Dynamics signed an MoU with EV-focused investment firm Saudi India Venture Studio (SIVS) to explore establishing an electric vehicle production facility in Saudi Arabia, according to a statement released last week.
What we know: The MoU will pave the way for both companies to co-develop, supply and service special purpose vehicles, including EVs, AI-driven solutions, advanced batteries, and energy storage solutions, the statement said. They are looking to set up a left-hand drive electric production facility with a manufacturing capacity of up to 1 mn units catering to the GCC, Europe and the US. The two companies will aim to unlock potential ventures with “a projected value exceeding USD 31 bn across international markets,” the statement added.
About the involved firms: Founded in 2011, Pravaig Dynamics is a deep tech mobility company specialized in manufacturing EVs, batteries, and artificial intelligence solutions for autonomous vehicles, according to its website. SIVS is a Saudi government-backed firm that aims to accelerate the EV market in the kingdom, according to local press.
REMEMBER- Saudi Arabia is all in for EVs: Saudi Arabia’s SNB Capital acquired an undisclosed stake worth USD 100 mn in Korean battery manufacturer SK On through the Saudi financial institution’s SNB Capital EV Batteries fund earlier this month. Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) owns a 60.46% stake in EV company Lucid, and provided the majority of the funds for a USD 3 bn stock offering by the US EV maker back in June. Lucid said late last year that 80% of EVs will be made in Saudi Arabiaby 2030. The company also plans to produce 155k EVs yearly in Saudi Arabia once full-fledged production capacity is achieved by 2025. The PIF also became Aston Martin’s second-largest shareholder with a c. 17% stake last year as the British luxury maker shifts focus on transitioning to electric and plug-in hybrid models in the coming years.
