The Electric Vehicle (EV) Sector: Challenges and Long-Term Vision

The Saudi EV sector experienced a period of stagnation in 2025, growing only 0.8% to reach a 3% share of total sales . Despite this slowing trend, the Kingdom remains committed to its Vision 2030 electrification agenda, aiming for 30% of vehicles in Riyadh to be electric by 2030 . Lucid maintained its position as the segment leader, though it faced a 36.4% decline in sales volume, followed by Hyundai and the rapidly rising BYD, which gained four spots in the EV rankings . The growth of the EV sector is reinforced by massive infrastructure investments, including plans for 5,000 fast chargers by 2030 . Local manufacturing is also scaling up, with Lucid aiming to produce 155,000 EVs annually and Ceer Motors—the first Saudi EV brand—joining the market . Furthermore, Hyundai has broken ground on a joint-venture factory with the PIF to produce both EVs and internal combustion vehicles starting in late 2026