In order to meet demand in the US, Europe, and the Gulf, Pravaig, the top original equipment manufacturer of electric cars (EVs) in India, has signed an MoU to investigate opening a left-hand drive EV manufacturing facility in Saudi Arabia with a capacity of up to one million vehicles.
Pravaig announced in a statement that it had inked an MoU with Saudi India. Last week, Venture Studio presented on the final day of the G20 YEA India Summit 2023. CEO of Pravaig Dynamics Siddhartha Bagri and CEO of Saudi India Venture Studio Mansour Alsanooni signed the agreement.
The Bengaluru-based electric vehicle firm Pravaig debuted two electric SUV models last year. Manufacturing batteries is another area of expertise. A Saudi government-backed investment firm called Saudi India Venture Studio seeks to advance and transform the country’s electric vehicle market.
What does the MoU between Pravaig and Saudi India say?
According to the statement, the MoU allows for the exploration of co-development, supply, and service for special-purpose vehicles, including electric vehicles (EVs), AI-driven solutions, sophisticated batteries, and energy storage solutions. According to the statement, “One of the key goals of this partnership is to build a strong left-hand drive production base of up to 1 million units of vehicles, effectively meeting the demands of the GCC, Europe, and the USA.”
The statement read, “We are set to uncover exceptional economic prospects of USD 31 billion+ throughout the USA by combining Pravaig’s expertise with the Kingdom of Saudi Arabia’s crucial support and strategic leadership.
According to Alsanooni, “This MoU is in line with Saudi Arabia’s Vision 2030, under the direction of Crown Prince Mohammed Bin Salman, which aims to strengthen the private sector’s strategic investment relationship with India.” The nation and its people are being propelled towards unmatched growth by the vision, which is bringing about a stunning socioeconomic revolution.
“Saudi India Venture Studio joins together with Invest Saudi and forges a simplified path into MENA under the attentive guidance of the Ministry of Investment. The alliance with Pravaig ignites a symphony of business endeavours and investment potential, accelerating the Kingdom’s technological advancement in the EV, battery, and AI sectors. Together, we set off on a creative adventure that will help to shape the Kingdom’s rule in realms of the future, he said. According to Bagri, the purpose of the two coming together is to foster wealth for everyone.
The opportunity to influence the global technology environment in accordance with our shared goals and ideals is represented by this milestone, he said. Our united vision will make it possible for us to provide ground-breaking concepts and change how people interact with technology. Pravaig is motivated by a firm dedication to the rights to ownership, privacy, and repair, enabling people and nations to regain control. Pravaig acknowledges the exceptional prospects that exist inside the Saudi Arabian market and is committed to helping it flourish and succeed, the statement continued, as the Kingdom invests in this wave of development.
