Pravaig, India's top electric vehicle (EV) original equipment manufacturer, has inked an MoU to explore the establishment of a left-hand drive EV manufacturing plant in Saudi Arabia with a capacity of up to one million vehicles to meet demand in the Gulf, Europe, and the United States. Pravaig announced in a statement that has signed a memorandum of understanding (MoU) with Saudi India Venture Studio.
Pravaig Dynamics CEO Siddhartha Bagri and Saudi India Venture Studio CEO Mansour Alsanooni inked the agreement.
Two electric SUV versions were introduced last year by the Bengaluru-based electric vehicle manufacturer Pravaig. Manufacturing batteries is another area of expertise. The country's electric car sector is being advanced and transformed by Saudi India Venture Studio, an investment company funded by the Saudi government.
According to the release, the MoU allows for the exploration of co-development, supply, and service special purpose vehicles such as EVs, AI-driven solutions, improved batteries, and energy storage solutions.
"One of the main 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 said.
"We are set to achieve unmatched economic prospects of USD 31 billion+ across worldwide markets by fusing Pravaig's experience with the Kingdom of Saudi Arabia's crucial assistance and strategic direction."
In accordance with the agreement, Pravaig and Saudi India Venture Studio will complement one another's skills, resources, and competencies.
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 vision, which is causing a dramatic socioeconomic transformation, is propelling the country and its people towards unrivalled growth.
"Saudi India Venture Studio joins together with Invest Saudi under the watchful eye of the Ministry of Investment, establishing a simplified path into MENA. The collaboration with Pravaig ignites a symphony of investment prospects and entrepreneurial enterprises, accelerating the Kingdom's technical progress in the EV, battery, and artificial intelligence sectors. We go on an inventive adventure together, building the Kingdom's dominion in the realms of tomorrow", he added.
Siddhartha Bagri stated that, "the purpose of the two coming together is to produce wealth for everybody. This landmark marks the opportunity to create the global technological environment in accordance with our shared destiny and values. Our common vision will enable us to deliver game-changing innovations and improve people's interactions with technology."
Pravaig is driven by a firm belief in the right to repair, privacy, and ownership, allowing persons and countries to reclaim control. Pravaig recognises the great prospects that exist inside the Saudi Arabian market and is determined to helping to its development and success as the Kingdom invests in this wave of transformation, according to the statement.