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A new EV plant for Saudi: Indian EV maker Wardwizard Innovations and Mobility (WIML) is set to build an EV assembly plant and an EV cell plant in the Kingdom under a new joint venture with an unnamed local player, according to a statement (pdf) released on Friday. The assembly plant will manufacture two-wheelers, three-wheelers, and four-wheelers, with plans to add electric buses at a later stage. The value of the potential JV and the timeline for the projects were not disclosed, but the move came after Prince Abdulaziz Bin Abdulaziz Al Saud sent a letter of intent to the firm.
What we know: A completed feasibility study has confirmed the viability of this venture, the statement notes. Wardwizard will bring its advanced EV technologies and intellectual properties to the partnership as part of the JV, to strengthen Saudi’s EV market.
About WIML: WIML is an EV manufacturer in India under the brands Joy e-bike and Joy e-rik. As the first EV manufacturer listed on the Bombay Stock Exchange, WIML offers over 10 models in high and low-speed categories. The company has established a strong presence in more than 400 cities across India and plans to expand further.
Saudi has seen a lot of EV action lately: Saudi sovereign wealth fund The Public Investment Fund (PIF) secured the European Commission’s approval of its acquisition and joint control of German green mobility firm Holon — a wholly-owned subsidiary of Austria-based car-parts manufacturer Benteler International — last June. Ceer — the Kingdom’s first electric vehicle brand — also inked a SAR 8.2 bn (c. USD 2.2 bn) contract with global auto parts maker Hyundai Transys to supply advanced EV drive systems for its vehicles in the same month. It plans to install the integrated drive systems in all of its EVs lineup, which includes SUVs, sedans and coupe models.
