Pravaig, India’s leading electric vehicle (EV) original equipment manufacturer, has signed a Memorandum of Understanding (MoU) to explore the possibility of setting up a left-hand drive EV manufacturing unit in Saudi Arabia. The plant would have a capacity of up to one million vehicles and would be used to produce EVs for the Gulf, European, and US markets.
In a statement, Pravaig said it signed an MoU with Saudi India Venture Studio on the concluding day of the G20 Young Entrepreneurs’ Alliance (YEA) India Summit 2023 last week. The agreement was signed by Pravaig Dynamics Siddhartha Bagri chief executive and Saudi India Venture Studio chief executive Mansour Alsanooni. Pravaig is a Bengaluru-based EV startup that unveiled two models of electric Sports Utility Vehicles (SUVs) last year.
The company also specialises in battery manufacturing. Saudi India Venture Studio is a Saudi government-backed investment company that aims to accelerate and revolutionize the electric automotive industry in Saudi Arabia.
The MoU provides for exploring co-development, supply, and service special purpose vehicles, including EVs, Artificial Intelligence (AI)-driven solutions, advanced batteries, and energy storage solutions, the statement said.