Formula E electric vehicle racing in Saudi Arabia
Saudi Arabia's path to transition, part 2: Energy addition
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
Saudi Arabia's energy system must undergo a significant transformation to meet its net-zero target by 2060, with renewable energy set to play a crucial role. The country is projected to exceed its 2030 target of 58.7GW of renewable energy generation. Alongside renewables, the government is also focusing on expanding the electric vehicle (EV) industry. The Public Investment Fund (PIF) has allocated $1b to localise EV production, and in 2022 Saudi Arabia launched its own EV manufacturer. Additionally, PIF owns more than 60% of Lucid, a US-based EV maker that has opened a production facility in Saudi Arabia. The Saudi Ministry of Investment has also secured a $5.6b deal with a Chinese EV manufa
Also in this section
22 January 2026
New long-term deal is latest addition to country’s rapidly evolving supply portfolio as it eyes role as regional gas hub
21 January 2026
Petroleum Economist takes a look at the critical developments that look set to govern the course of the market for this year
20 January 2026
The ripple effects of US refiners switching to Venezuela grades will be felt from Canada to China and everywhere in between
20 January 2026
As the global energy system undergoes its most profound transformation in a century, the need for credible leadership, practical solutions and inclusive dialogue has never been greater. In 2026, the Kingdom of Saudi Arabia will stand at the centre of this conversation as host of the 25th WPC Energy Congress in Riyadh.
