Does Saudi Arabia negotiate with Foxconn to produce electric cars?

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After getting your hands on a part of Lucid Motors, Saudi Arabia , through the its Public Investment Fund, seems to be more and more; interested in electric cars . According to an interesting report from Bloomberg, Saudi Arabia and Foxconn are in talks to create a joint venture which would be involved in producing electric vehicles. A joint venture that would be called & quot; Velocity & quot; and that it would serve Saudi Arabia to accelerate plans to diversify its economy, which is still dependent on oil.

According to the report, Foxconn will have; a minority stake in the joint venture and will provide; software, electronics and electrical architecture. This collaboration will allow & agrave; to the country to gain experience in the production of electric vehicles. There would also be a hint of Europe in this project as it seems that the joint venture should use a platform licensed by BMW .

In the past, Saudi Arabia had tried to develop a domestic auto industry but to no avail. Precisely for this reason, the country has changed tactics by focusing on investments in reality; already existing such as the one mentioned earlier in Lucid Motors. American manufacturer that, in the future, should build a plant within this country.

The sovereign wealth fund is also trying to build a battery production plant with the aim of getting to have a capacity production of 15 GWh by 2028. Site that should, in the intentions, produce the accumulators for the Lucid Motors factory and for manufacturers who decide to build a factory within the country.

The Saudi government & egrave; also in negotiations with various car manufacturers to persuade them to set up production plants at a site on the west coast of the country. Obviously, like all reports, what Bloomberg said must be taken with due caution. The interested parties have, of course, not made any statements.

If this were all true, the agreement could be signed by the end of the year albeit the usual & quot; people who are familiar with; with the question & quot; they let it be known that no final decisions have been made and that plans may still change. The hypothesis that Saudi Arabia enters the electric car sector directly is certainly very interesting and could open new scenarios in a market that & egrave; in strong evolution.

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