Published By: Paras Yadav
Last Updated: July 19, 2023, 17:00 IST
Pravaig, India’s leading electric vehicle (EV) original equipment manufacturer, has signed an MoU to explore setting up a left-hand drive EV manufacturing unit in Saudi Arabia with a capacity of up to one million vehicles to cater to demand in the Gulf, Europe, and the US.
In a statement, Pravaig said it signed a memorandum of understanding (MoU) with Saudi India Venture Studio on the concluding day of the G20 YEA India Summit 2023 last week.
The pact was signed by Pravaig Dynamics CEO Siddhartha Bagri and Mansour Alsanooni, CEO of Saudi India Venture Studio.
Pravaig is a Bengaluru-based EV startup that last year unveiled two models of electric SUVs. It also specializes in battery manufacturing. Saudi India Venture Studio is a Saudi government-backed investment company that aims to accelerate and revolutionize the electric automotive industry in Saudi Arabia.
The MoU provides for exploring co-development, supply, and service special purpose vehicles, including EVs, AI-driven solutions, advanced batteries, and energy storage solutions, the statement said.
“One of the key objectives of this partnership is to establish a robust left-hand drive production base of up to 1 million units’ vehicles, effectively catering to the demands of the GCC, Europe, and the USA,” the statement said.
“Expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of USD 31 billion+ across international markets.” The agreement provides for Pravaig and Saudi India Venture Studio leveraging each other’s strengths, expertise, and resources.
“This MoU is in harmony with Saudi Arabia’s Vision 2030, led by Crown Prince Mohammed Bin Salman, aimed at deepening the private sector’s strategic investment relationship with India”, said Alsanooni. The vision is creating a remarkable socio-economic transformation, propelling the nation and its people toward unparalleled growth.
“With the Ministry of Investment’s meticulous guidance, Saudi India Venture Studio aligns with Invest Saudi, forging a streamlined path into MENA. The partnership with Pravaig sparks a symphony of investment opportunities and entrepreneurial ventures, propelling the Kingdom’s technological evolution in the EV, battery, and AI sectors. Together, we embark on an innovative journey, shaping the Kingdom’s reign in tomorrow’s realms”, he said.
Bagri said the coming together of the two is to create prosperity for all is the goal.
“This milestone represents the possibility to shape the global technology landscape in our common destiny and values,” he said. “Our shared vision will enable us to deliver groundbreaking ideas and transform people’s relationship with technology.” Pravaig is driven by a steadfast commitment to the right to repair, privacy, and ownership, empowering citizens, and countries to take back control. As the Kingdom invests in this wave of progress, Pravaig recognizes the extraordinary opportunities that lie within the Saudi Arabian market and is committed to contributing to its development and success, the statement added.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)