The Saudi Industrial Development Fund (SIDF) CEO Ibrahim Almojel has confirmed that the year of 2025 will witness the appearance of the first Saudi electric vehicle, with production reaching 150,000 cars annually.

Almojel’s confirmation came during an interview with Rotana Khalejeyah, where he stressed that Saudi Arabia has the ability to achieve this from the support that is provided from the government and private sectors to activate this industry. He praised the automotive industry in the Kingdom.

He also clarified the differences between Lucid and Ceer, noting that the American Lucid is focusing more in the luxury cars segment. It will also focus on exports of specific cars to reach the European and local market.

The focus will be on high-capacity cars, and those characterized by high speed, as well as those with a longer battery life.

The Saudi Ceer will focus more on the daily and most used vehicle, Almojel said, noting that Ceer will become an integrated company not specialized in a specific kind. Details will be provided in the future.

As for SIDF and the industrial finance sector in Saudi Arabia, Almojel indicated that they will finance any factory inside the Kingdom, even if it is owned by a foreigner, but on the condition that the foreigner provides an added value to the country.

He also said that the fund’s capital reached SR40 billion. The fund reaching the goals of Vision 2030 successively, even before the launch of the industrial strategy, the capital increased from SR40billion to SR65 billion, and then to SR105 billion.

He indicated that what happened in the years following the launch and implementation of Vision 2030 in terms of investment and support from the Kingdom is higher than what happened in the 45 years that preceded it.

He also noted during the interview the importance of diversifying the sources of income, not government income, but income for the country as an economy.

He said that the ambition of Vision 2030, now within 7 years, is to double exports from the base line that was in 2020 at approximately SR168-169 billion, to reach more than SR500 billion in 7 years in non-oil exports.