China’s ROX starts producing electric vehicles in Abu Dhabi
China’s ROX Motor Co. has started assembling electric vehicles in Abu Dhabi.
The company, which is working with state-owned Abu Dhabi Investment Office, plans to unveil its first UAE-designed car in March 2027, Arabian Gulf Business Insight reports.
The plant is already producing three ROX Adamas models at Khalifa Economic Zones Abu Dhabi, known as Kezad.
ROX said it plans to produce 20,000 vehicles in Abu Dhabi next year and expand capacity to 300,000 annually by 2030, serving both domestic and export markets.
The Chinese company is also preparing to manufacture its vehicles in Egypt.
China’s Xi Jinping sees Egypt as partner in tech, freight, factories
Chinese President Xi Jinping is pushing deeper into Egypt’s economy with plans that range from electric vehicles and renewable energy to semiconductors and artificial intelligence.
The two countries agreed during Xi’s visit this week to expand cooperation in data centers, cloud computing, critical metals and the Suez Canal Economic Zone, according to a joint statement issued Thursday.
Egyptian President Abdel Fattah El-Sisi and the Chinese leader said they plan to increase the use of their currencies in trade and investment while renewing and expanding an existing currency-swap agreement.
Chinese companies will be encouraged to build EVs, ships, solar panels and wind turbines in Egypt, helping Cairo position itself as an industrial and logistics hub linking Asia, Africa and Europe.
The agreements build on China’s Belt and Road projects in Egypt and come as regional wars disrupt trade and strain the country’s fragile economy.
Saudi Prince Alwaleed bin Talal takes 5% stake in Lucid
Lucid Group has been given a much-needed boost after Saudi Prince Alwaleed bin Talal acquired a $129.5 million stake in the struggling California-based electric vehicle maker.
Saudi Arabia’s Public Investment Fund, which is Lucid’s biggest shareholder, has poured more than $9 billion into the company as part of the kingdom’s attempts to become a hub for EVs and the battery industry.
But the loss-making automaker has become a laggard for the PIF, with its NASDAQ-listed shares falling 72% over the past year, forcing the company to fend off rumors of impending bankruptcy or a take-private deal.
Its shares surged 22% to their highest level since April following regulatory disclosure of Alwaleed’s direct purchase of 19.5 million shares, equivalent to a 5% stake in the company.
One of the Middle East’s richest people, Alwaleed, is estimated by Bloomberg to be worth $24.2 billion.
Earlier this month, Lucid acknowledged that it had brought in restructuring advisors from AlixPartners under new CEO Silvio Napoli, who has been cutting costs and jobs through an organizational review.
Lucid teams up with KAUST to create Saudi EV research center
Lucid Motors, the electric vehicle manufacturer based in California and backed by Saudi Arabia’s Public Investment Fund, is teaming up with King Abdulaziz University for Science and Technology to establish a research facility promoting innovation in the EV industry.
The collaboration will focus on improving batteries, software and systems that help cars drive themselves or assist drivers.
Lucid will use KAUST’s research facilities and powerful computers to help design and test future vehicle components at the facility.
Lucid and Kaust said in a press release that the alliance strengthens the carmaker’s global R&D footprint and aligns with Saudi Arabia’s vision to become a global center for mobility innovation.
Renault to launch electric vehicle production in Morocco by 2030
French automaker Renault signed an agreement to produce electric vehicles in Morocco starting 2030 as it seeks to expand exports to African markets.
The company, which operates plants in Tangier and near Casablanca, produced 413,000 vehicles in 2024, 90% of which were exported under the “Made in Morocco” label, Arabian Gulf Business Insight reports.
The deal is expected to create about 7,500 jobs and add a new EV line to Renault’s existing models.
Rival Stellantis runs a factory in Kenitra, while China’s Gotion High Tech plans to build a battery plant in the country.
Abu Dhabi’s CYVN Holdings to merge McLaren with EV maker
After taking control of McLaren Automotive last year, Abu Dhabi’s state-owned CYVN Holdings is starting to roll out its turnaround plans for the venerable British sports car maker.
The investment company, a unit of the ADIA sovereign wealth fund, is preparing to merge McLaren with its London-based electric-vehicle startup Forseven Holdings, Bloomberg reports.
At that point, the combined company will start producing high-end sport utility vehicles and sedans, following a blueprint that has been successful for Ferrari, Lamborghini and Porsche, the news agency said.
CYVN plans to announce the move in the coming weeks, with former Jaguar Land Rover executive Nick Collins in charge of the merged automaker.
Saudi PIF pumps another $1.5 billion into Lucid Motors
Saudi Arabia’s Public Investment Fund has pumped another $1.5 billion into electric vehicle start-up Lucid Motors ahead of the launch of its first SUV later this year.
The PIF, which already has a 60% stake in California-based Lucid after investing about $8 billion over several years, will buy $750 million in convertible preferred stock and provide a $750 million loan facility through Ayar, an affiliate investment company.
Nasdaq-traded Lucid reported Q2 earnings yesterday, recording a $790 million net loss, but beating analyst expectations with $200 million revenue after delivering 2,394 cars in the quarter.
The EV maker expects to produce 9,000 cars for 2024, with the launch later this year of the Gravity SUV, priced at around $80,000, which is likely to diversify its potential customer base.
Saudi Arabia has been scouring the globe for potential supplies of lithium, a critical mineral used in battery production, as it attempts to become a major regional EV manufacturer, with Lucid opening a factory in the kingdom last year.
Bandar Alkhorayaf, Saudi Arabia’s Minister of Industry and Mineral Resources, toured Brazil and Chile over the past two weeks looking for mining investment opportunities.
As a result, the kingdom is eyeing a collaboration with Chilean state-owned miner Codelco to develop lithium deposits.
Saudi Arabia heads to Brazil, Chile in pursuit of mineral wealth
Saudi Arabia’s determination to develop an electric vehicle industry and expand its role in the international mining industry is taking its leaders to South America.
Bandar Alkhorayaf, Saudi Arabia’s Minister of Industry and Mineral Resources, will visit Brazil and Chile over the coming two weeks as the world’s leading oil exporter seeks to expand its international presence in mining.
In Brazil, talks will cover mining, food processing and aviation, while in Chile the focus is on lithium, needed for electric vehicle batteries.
Alkhorayaf will land in Brazil today and leave for Chile, the world’s second largest producer of lithium, next Sunday. In Brazil, he will meet with executives from mining company Vale.
In Chile, Alkhorayaf will meet Mining Minister Aurora Williams, as well as mining companies Antofagasta and Codelco, a state-run company tasked with bringing the Chilean government into the lithium industry.
Back home for the minister, troves of minerals lie beneath Saudi Arabia that are critical to powering the energy transition such as gold, phosphate, bauxite, copper, zinc and nickel.
The Public Investment Fund’s Ma’aden mining company is tasked with tapping the resources, last valued at $2.5 trillion, making it one of the most significant potential contributors to the kingdom’s economic transformation ambitions.
Saudi Arabia’s EV campaign on show at Riyadh conference
Saudi Arabia’s drive to establish an electric vehicle industry in the kingdom – clinching deals over the past year with the U.S., China and Europe – will be on display this week during the Global EV and Mobility Technology Forum in Riyadh.
The two-day conference, which gets underway tomorrow at the Riyadh International Convention and Exhibition Center, will bring together senior government officials, financiers and car company executives – led by Faisal Sultan, Managing Director and Vice President of Lucid, the California EV-maker backed by the Saudi Public Investment Fund.
Others scheduled to speak at the conference include Rusty Russell, Executive Director of Mobility at Saudi Arabia’s Red Sea Global; Shavaye Govender, Head of Business Development, Middle East, Africa and Pakistan at Uber; Fathi Tlatli, President of Global Sector Auto-Mobility for DHL; and Alex Gilbert, Head of Energy and Electrification and Commercial Development at Transport for London.
Lucid shares jumped 4% in Nasdaq trading on Monday after the company reported that second-quarter car deliveries grew 70% from the same period in 2023.
The PIF, which has a 60% stake in Lucid, opened a factory in the kingdom last year and has poured billions into the U.S. company as it looks to become a significant regional manufacturer.
Saudi Arabia eyes Chile in quest for lithium to supply EV industry
Saudi Arabia’s quest for lithium to power its nascent electric vehicle industry is leading to stronger links with South America, as evidenced by the Future Investment Initiative’s conference in Brazil earlier this month.
Saudi-owned Almar Water Solutions is now looking to form a partnership with Chile’s state mining giant Codelco in its planned Maricunga lithium mining project, Reuters reports.
Almar’s CEO Carlos Cosin told the news agency that the Spain-based firm, which focuses on water solutions for renewable energy production, wants to leverage its technology in the extraction of battery-metal lithium, a water-intensive process.
As part of a Saudi conglomerate, Cousin said Almar would be able to bring in another strong financial partner if included in a consortium to develop the Maricunga salt flat.
The company’s technology can be used in metal separation in the microelectronics industry, direct lithium extraction and battery recycling, he said.
