Riyadh - Sharikat Mubasher: Hashim AlFatayerji, Founder and CEO of Cararak Ventures, stated that the electric vehicle (EV) market in Saudi Arabia is up-and-coming, particularly amid the rapid growth in global EV production.

In an interview with Asharq Business, AlFatayerji highlighted that the global vehicle production amounts to nearly 100 million vehicles annually, adding that EVs now account for around 25% of total production, a figure that reflects the increasing momentum in this sector worldwide.

He explained that EV factories in Saudi Arabia face several challenges, notably the technological hurdles, as this industry requires continuous innovation and ongoing development.

Another challenge is related to customer awareness, AlFatayerji said, clarifying that familiarizing customers with EVs and gaining their acceptance requires time, which in turn keeps demand growth relatively slow.

It is worth noting that Saudi Arabia plans to have 30% of all vehicles in Riyadh be electric by 2030, pledging investments exceeding $50 billion to develop EV manufacturing and infrastructure, in line with the objectives of Vision 2030