Pravaig to set up EV plant in Saudi Arabia
The unit with a capacity of up to one million vehicles will cater to demand in the Gulf, Europe, and the US
New Delhi Pravaig, India's leading electric vehicle (EV) original equipment manufacturer, has signed an MoU to explore setting up a left-hand drive EV manufacturing unit in Saudi Arabia with a capacity of up to one million vehicles to cater to demand in the Gulf, Europe, and the US.
In a statement, Pravaig said it signed a memorandum of understanding (MoU) with Saudi India Venture Studio on the concluding day of the G20 YEA India Summit 2023 last week. The pact was signed by Pravaig Dynamics CEO Siddhartha Bagri and Mansour Alsanooni, CEO of Saudi India Venture Studio. Pravaig is a Bengaluru-based EV startup that last year unveiled two models of electric SUVs.
It also specializes in battery manufacturing. Saudi India Venture Studio is a Saudi government-backed investment company that aims to accelerate and revolutionize the electric automotive industry in Saudi Arabia. The MoU provides for exploring co-development, supply, and service special purpose vehicles, including EVs, AI-driven solutions, advanced batteries, and energy storage solutions, the statement said.