The Oil Kingdom Is Going Electric: What Saudi Arabia’s EV Bet Means for Pakistan
Key takeaways
- Imagine the world s most powerful oil exporter quietly pouring billions into the very technology designed to make combustion engines obsolete.
- Through its Public Investment Fund (PIF), the Kingdom is building an entire domestic EV industry from scratch, and the logic behind it has direct consequences for how Pakistan s auto market will evolve.
- Lucid Motors makes the longest-range production EV available today, the Air Grand Touring is EPA-rated at 516 miles per charge in its top trim.
Why this matters: an automotive development that could shape industry direction or buying decisions.
Imagine the world s most powerful oil exporter quietly pouring billions into the very technology designed to make combustion engines obsolete.
Saudi Arabia is doing exactly that. Through its Public Investment Fund (PIF), the Kingdom is building an entire domestic EV industry from scratch, and the logic behind it has direct consequences for how Pakistan s auto market will evolve.
Lucid Motors makes the longest-range production EV available today, the Air Grand Touring is EPA-rated at 516 miles per charge in its top trim. Saudi Arabia s PIF has been Lucid s majority shareholder since 2019, committing a cumulative $9.5 billion for an approximately 58–60% stake. This is not a passive financial play: