Saudi Arabian investment in electric vehicle production in Thailand sought

The Thai government has been courting Saudi Arabia for investment in the production of electric vehicles (EVs) in Thailand, to achieve its goal of becoming the EV production hub in the ASEAN region.

According to Narit Therdsteerasukdi, secretary-general of the Board of Investment (BoI) and secretary of the National Electric Vehicles Policy Board, Saudi Arabia’s Public Investment Fund (PIF) has entered into a joint venture with Taiwan’s Foxconn, to develop and produce “Ceer” brand electric vehicles in the desert kingdom, with German car manufacturer BMW providing technology and innovations.

He said that the PIF has also bought a 60% stake in US-based Lucid Motor, to produce “Lucid” brand EVs in Saudi Arabia. The production plant, located in the King Abdullah Economic City, was officially opened in September.

He also said that Saudi Arabia has asked Thai manufacturers of…