The production of lithium batteries for electric vehicles continues to be a mega trend. And now Saudi Arabia wants in on the action.
What’s happening:
- Saudi Arabia has declared their new plans to focus on becoming a leader in electric vehicle battery production
- In a flurry of recent public statements, Saudi Arabia's political leaders have said they are taking steps to embrace electrification and the global energy transition
Why it matters:
- Saudi Arabia is the world’s largest producer of oil and this new venture into lithium battery production marks a potential paradigm shift into reducing their dependance on petroleum
Going deeper:
- Aside from lithium batteries and electric vehicles, Saudi Arabia has also stated their plans to begin manufacturing hydrogen powered vehicles
- Saudi Arabia has identified numerous deposits of metals that are critical to the energy transition within their country and is likely to become a highly important region for mining globally
By the numbers:
- Saudi Arabia will put $2 billion into the construction of a electric vehicle battery metals plant
- Currently, 90% of Saudi Arabia’s exports are oil, petrochemicals and plastics
- By the end of the decade Saudi Arabia is aiming to produce 500,00 electric vehicles
