The production of lithium batteries for electric vehicles continues to be a mega trend. And now Saudi Arabia wants in on the action.

‍What’s happening:‍

• Saudi Arabia has declared their new plans to focus on becoming a leader in electric vehicle battery production
  
• In a flurry of recent public statements, Saudi Arabia's political leaders have said they are taking steps to embrace electrification and the global energy transition
  

Why it matters:‍

• Saudi Arabia is the world’s largest producer of oil and this new venture into lithium battery production marks a potential paradigm shift into reducing their dependance on petroleum
  

Going deeper:‍

• Aside from lithium batteries and electric vehicles, Saudi Arabia has also stated their plans to begin manufacturing hydrogen powered vehicles
  
• Saudi Arabia has identified numerous deposits of metals that are critical to the energy transition within their country and is likely to become a highly important region for mining globally
  

By the numbers:‍

• Saudi Arabia will put $2 billion into the construction of a electric vehicle battery metals plant
  
• Currently, 90% of Saudi Arabia’s exports are oil, petrochemicals and plastics
  
• By the end of the decade Saudi Arabia is aiming to produce 500,00 electric vehicles

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