Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Al Mayadeen's correspondent: The Lebanese Army is continuing its investigations and will later announce any information that does not affect the confidentiality of the investigation
Al Mayadeen's correspondent: It has not yet been determined whether the detainees belong to ISIS or another organization
Al Mayadeen's correspondent: Around 10 people of different nationalities, including Lebanese nationals, were detained
Al Mayadeen's correspondent: The Lebanese army arrested a number of people in the Matn area of Mount Lebanon with possession it has not disclosed
Gaza Civil Defense spokesman: We have strong indications that there are martyrs, injuries, and trapped people in the Salah al-Din area
Gaza Civil Defense spokesman: Citizens should avoid Salah al-Din Street because anyone who approaches it is at risk of being directly targeted
Gaza Civil Defense spokesman: Reality is that there is a very limited retreat of the vehicles, with the occupation forces providing cover undeer fire up to Salah al-Din Street
Gaza Civil Defense spokesman: Claims that the Israeli occupation has withdrawn from areas in the neighborhoods of al-Zaytoun, al-Tuffah, and al-Shujaiya are false
Hamas: The two delegations stressed that any negotiations must lead to the achievement of our people's goals and aspirations, foremost among which is ending the war and the complete withdrawal of enemy forces
Hamas: A delegation from the Hamas leadership, led by the head of the leadership council, Mohammad Darwish, met with an Islamic Jihad delegation, headed by its Secretary-General, Ziyad al-Nakhalah

Saudi Arabia invests heavily in EV batteries, mining & manufacture

  • By Al Mayadeen English
  • Source: Bloomberg
  • 23 Aug 2022 18:00
  • 1 Shares
3 Min Read

Saudi Arabia holds a goal that by the end of the decade, 30% of cars roaming roads in Riyadh would be EVs.

  • x
  • The Lucid Air speed test car is displayed at the 2017 New York International Auto Show in New York City, US, on April 13, 2017. (Reuters)
    The Lucid Air speed test car exhibited at the 2017 New York International Auto Show in New York City, US, on April 13, 2017. (Reuters)

Saudi Arabia looks to diversify its energy sources and may be going electric by acquiring minerals used for batteries and taking a stake in the electric vehicle supply chain. 

Read next: KSA wants global business but nurtures a hostile environment instead

With this project rising against a background of shortages and energy crises, Riyadh has brought lithium miners and matter manufacturers to go through with the operations. Saudi Arabia sets a target that by the end of the decade, 30% of cars roaming roads in Riyadh would be EVs. 

EV Metals Group Plc, an Australian battery chemicals, and technology company announced that it is launching the development of its processing plants for lithium hydroxide monohydrate, which is a key material for batteries. 

The company has worked with Riyadh for the past 2 years on feasibility studies. Now, the facility works on producing high-grade chemicals for cathode materials in power packs, which is an essential material that EV makers are trying to acquire. 

Avass Group, another Australian firm, also announced an agreement in February to manufacture EVs and lithium batteries jointly with Saudi Arabia. 

In addition to these ventures, Saudi Arabia's Ministry of Industry and Mineral Resources announced $6 billion in projects to back up the mining industry at home. 

Read next: Kushner's equity fund to invest Saudi billions in Israeli startups

Related News

Xiaomi may begin overseas car sales starting in 2027, CEO says

Tesla profits plunge 71% as Musk plans DOGE exit

The kingdom, furthermore, has also taken in 150 exploration license applications from foreign companies. 

The government will also purchase about 100,000 electric vehicles over a period of 10 years from Lucid Group Inc. Saudi Arabia has a stake in the EV-making company. 

Foxconn, the Apple iPhone's main assembler, is also looking to establish a $9 billion facility for chips and EV parts.

Riyadh is spending more than $3 billion in financing and initiatives to build and operate the factory for the next 15 years.

Saudi Arabia's new EV projects will help decrease costs and will ensure Riyadh's foot in the global electric vehicle supply chain.

Riyadh's position on the map is also strategic: It would enable the country to supply Europe with EVs, while receiving resources from China and Australia. 

Riyadh is issuing mining licenses for mineral resources extraction, costing almost $1.3 trillion. Saudi Arabia has lithium resources around its oil fields, a scarce resource essential for battery manufacture - and, in global shortage too. 

It's too late - almost - for the US and Europe to catch up with Riyadh's fast-paced growth.

Read next: Israelis start investing in Saudi Arabia

  • electric cars
  • Foxconn
  • Saudi Arabia

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS