Minister of Industry: Localizing the automotive industry in Saudi Arabia and starting production
The Minister of Industry and Mineral Resources, Mr. Bandar bin Ibrahim Al-Khorayef, announced that the Kingdom of Saudi Arabia has entered a new historical phase in its industrial sector, through the launch of qualitative industries that did not exist before, foremost among them the localization of the automotive industry, in a step that reflects the accelerated pace of achieving the goals of the Kingdom’s Vision 2030.
Speaking at the government press conference, Al-Khorayef revealed details of the Kingdom's strategy in this vital sector, highlighting the launch of the King Salman Automotive Complex, a cornerstone of the new industrial infrastructure. The minister explained that the complex houses Sere, the first Saudi electric vehicle brand, which is expected to lead the shift towards sustainable transportation in the region.
Strategic partnerships and global factories
In the context of strengthening international partnerships, the Minister of Industry confirmed the inauguration of Lucid Motors' electric vehicle factory, the company's first outside the United States, reflecting global investors' confidence in the Kingdom's investment environment. He also noted the laying of the foundation stone for Hyundai's factory in the same region, further solidifying the Kingdom's position as a regional hub for both conventional and electric vehicle manufacturing.
Economic context and Vision 2030
These moves are part of the national industrial strategy, which aims to increase the industrial sector's contribution to GDP and diversify income sources away from oil. Through localizing the automotive industry, the Kingdom aims to create thousands of high-quality job opportunities for Saudi youth, transfer advanced technological knowledge, reduce the import bill, and increase non-oil exports.
“Made in Saudi Arabia” program
The press conference also addressed updates on the “Made in Saudi Arabia” program, with the Minister highlighting the “Made in Saudi Arabia 2025” exhibition, which aims to showcase the quality of national products and strengthen their local and global identity. This program is a key driver for empowering national factories and opening new markets for them, complementing efforts in heavy and advanced industries such as the automotive industry.
It is worth noting that the Public Investment Fund plays a pivotal role in this transformation, through its investments in Lucid and Sere, which confirms the wise leadership’s commitment to building a strong, diversified and sustainable economy for future generations.
