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Saudi Arabia is Betting Billions To Lead The Lithium Battery Boom

November 23, 2023
x min read
Saudi Arabia is Betting Billions To Lead The Lithium Battery Boom

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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