By establishing a left-hand-drive EV production facility in the Kingdom, Indian firm Pravaig Dynamics is expected to provide Saudi Arabia's ecosystem for electric vehicles a boost. During the G20 Young Entrepreneurs Alliance Summit that took place in New Delhi last week, Pravaig Dynamics and Saudi India Venture Studio inked a memorandum of understanding, according to sources.
The Bengaluru-based company said that the Saudi Arabian EV manufacturing facility will be able to produce up to 1 million units annually and would serve the needs of the Gulf, US, and European markets. Siddhartha Bagri, the CEO of Pravaig Dynamics, and Mansour Al-Sanooni, the CEO of SIVS, both signed the MoU.
“By combining Pravaig’s expertise with the Kingdom of Saudi’s invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of $31 billion-plus across international markets,” said Pravaig Dynamics’ Bagri in a statement.
A deep tech mobility firm that produces electric vehicles, batteries, and artificial intelligence (AI) solutions for autonomous driving, Pravaig Dynamics was created in 2011. With the goal of creating the greatest goods in their market, the ambition is to establish a new school of technology. Pravaig is now assembling top-tier technologies to create India's first and only feature-rich electric premium vehicle.