The world’s largest oil producer is now aiming to become a major hub for making electric vehicle batteries as the Saudi government seeks new ways to diversify the economy and develop the domestic automotive industry.
“Saudi Arabia looks forward to investing in the production of electric vehicle batteries and the manufacture of hydrogen-powered vehicles as a next step in its plans to build a Middle East automotive center,” Saudi Investment Minister Khaled al-Falih said in an interview with “Bloomberg.” .
“The next step is the supply chain,” Al-Falih explained during the Bloomberg New Economy Forum in Singapore, adding that the government “hopes that electric vehicle batteries will be a major manufacturing opportunity in the supply chain.”
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