Formula E electric vehicle racing in Saudi Arabia
Saudi Arabia's path to transition, part 2: Energy addition
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
Saudi Arabia's energy system must undergo a significant transformation to meet its net-zero target by 2060, with renewable energy set to play a crucial role. The country is projected to exceed its 2030 target of 58.7GW of renewable energy generation. Alongside renewables, the government is also focusing on expanding the electric vehicle (EV) industry. The Public Investment Fund (PIF) has allocated $1b to localise EV production, and in 2022 Saudi Arabia launched its own EV manufacturer. Additionally, PIF owns more than 60% of Lucid, a US-based EV maker that has opened a production facility in Saudi Arabia. The Saudi Ministry of Investment has also secured a $5.6b deal with a Chinese EV manufa
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