NATCO reportedly acquires a third of EV platform Electrified

State-owned National Automotive Company (NATCO) has acquired 33% of local private sector EV services platform Electrified, according to a report by Al Mal.

NATCO looks to be building an EV empire — with a first mover advantage. The company wants to become the country’s leading electric vehicle distributor and plans to grow Electrified to become the region’s largest EV services platform, the newspaper quotes NATCO CEO Yasser Saleh as saying. The firm is already setting up the country’s first electric car distributor with state-owned El Nasr Automotive. It will be the sole distributor of the first locally-assembled EVs in the market and will also import and distribute EVs from other manufacturers.