One of the last nations you would expect to join the electric vehicle revolution, Saudi Arabia, has announced its intentions to build and export EVs. The world’s largest oil-exporting nation, Saudi Arabia, aims to export over 150,000 EVs in 2026.
Saudi Arabia released its “vision 2030” strategy to reduce carbon emissions while putting the nation on track for stable economic growth.
The key word here is stable. With around 17% of the world’s crude oil reserves, Saudi’s economy largely depends on it, accounting for nearly half of the nation’s GDP.
However, as we have experienced over the past several years, oil prices can be extremely volatile. Oil futures turned negative for the first time on record during the early stages of the pandemic as demand sharply fell. Earlier this year, oil prices climbed back above $120 per barrel with limited supply capacity and soaring demand.
On top of this, as climate change becomes a priority around the globe, the question becomes, when will we see peak oil demand?
It’s been a record year in 2022 as countries around the globe work to reduce carbon emissions and achieve energy independence. As a result, renewable energy and electric vehicle deployment hit a new record and is already working to reduce emissions, according to new research. In fact, renewable energy sources entirely covered the global rise in electricity demand in the first half of 2022.
New policies in most major developed nations are paving the way for meaningful reductions in CO2 emissions. Saudi Arabia realizes this and is therefore looking to diversify its economic interests while investing in the nation’s future.
To broaden its exports from oil, Saudi Arabia announced it will build and export zero-emission EVs.
Lucid Air electric vehicle in Saudi Arabia Source: Lucid
Less oil, more EVs coming out of Saudi Arabia
Saudi Arabia has been in the headlines after its decision with OPEC+ to cut oil production. However, the nation is setting its sights on a different market with electric vehicles.
The oil-rich nation announced earlier this year it had committed to purchasing at least 50,000 (and up to 100,000) EVs from Lucid Motors as part of its “Vision 2030” plan. The strategy includes bringing advanced EVs to Saudi Arabia while increasing non-oil GDP to 50% compared to 16% today.
Lucid revealed in 2018 that Saudi Arabia’s Public Investment Fund (PIF) invested over $1 billion in the EV startup, with rumors later swirling that the investment was contingent on Lucid building a manufacturing facility in the nation.
It looks like Saudi plans to reduce its oil dependence at least partially by exporting EVs. Abdulla Al-Swaha, Saudi’s Minister of Communications and IT, stated Wednesday:
In 2026, the Kingdom will manufacture and export more than 150,000 electric cars.
Al-Swaha reiterated that Saudi’s investment in Lucid “has placed the Kingdom among developed countries” with 61% ownership.
According to Khalid Al-Faith, Minister of Investments, construction began at Lucid’s EV manufacturing plant in May.
Electrek’s Take
Saudi Arabia going all in on EVs? Well, I wouldn’t go as far as to say they are all in, but in my opinion, it’s a smart move from “the Kingdom” to diversify away from oil.
The nation is looking toward the future, and all signs point to electric vehicles continuing to outpace their gas-powered counterparts. Not only that, renewable energy is rolling out at a rapid pace. When oil hits peak demand and starts to reverse, Saudi wants to have a backup plan, and EVs make sense.
Electric vehicles are one of the fastest-growing industries right now and are expected to continue growing at an over 20% compound annual growth rate (CAGR) until at least 2030.
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The HD arm of Hyundai has just released the first official images of the new, battery-electric HX19e mini excavator – the first ever production electric excavator from the global South Korean manufacturer.
The HX19e will be the first all-electric asset to enter series production at Hyundai Construction Equipment, with manufacturing set to begin this April.
The new HX19e will be offered with either a 32 kWh or 40 kWh li-ion battery pack – which, according to Hyundai, is nearly double the capacity offered by its nearest competitor (pretty sure that’s not correct –Ed.). The 40kWh battery allows for up to 6 hours and 40 minutes of continuous operation between charges, with a break time top-up on delivering full shift usability.
Those batteries send power to a 13 kW (17.5 hp) electric motor that drives an open-center hydraulic system. Hyundai claims the system delivers job site performance that is at least equal to, if not better than, that of its diesel-powered HX19A mini excavator.
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To that end, the Hyundai XH19e offers the same 16 kN bucket breakout force and a slightly higher 9.4 kN (just over 2100 lb-ft) dipper arm breakout force. The maximum digging depth is 7.6 feet, and the maximum digging reach is 12.9 feet. Hyundai will offer the new electric excavator with just four selectable options:
enclosed cab vs. open canopy
32 or 40 kWh battery capacity
All HX19es will ship with a high standard specification that includes safety valves on the main boom, dipper arm, and dozer blade hydraulic cylinders, as well as two-way auxiliary hydraulic piping allows the machine to be used with a range of commercially available implements. The hydraulics needed to operate a quick coupler, LED booms lights, rotating beacons, an MP3 radio with USB connectivity, and an operator’s seat with mechanical suspension are also standard.
HX19e electric mini excavator; via Hyundai Construction Equipment.
The ability to operate indoors, underground, or in environments like zoos and hospitals were keeping noise levels down is of critical importance to the success of an operation makes electric equipment assets like these coming from Hyundai a must-have for fleet operators and construction crews that hope to remain competitive in the face of ever-increasing noise regulations. The fact that these are cleaner, safer, and cheaper to operate is just icing on that cake.
With the Trump Administration fully in power and Federal electric vehicle incentives apparently on the chopping block, many fleet buyers are second-guessing the push to electrify their fleets. To help ease their minds, Harbinger is launching the IRA Risk-Free Guarantee, promising to cover the cost of anticipated IRA credits if the rebate goes away.
In the case of a Harbinger S524 Class 5 chassis with a 140 kWh battery capacity with an MSRP of $103,200, the company will offer an IRA Risk-Free Guarantee credit of $12,900 at the time of purchase, bringing initial cost down to $90,300. This matches the typical selling price of an equivalent Freightliner MT-45 diesel medium-duty chassis.
“We created (the IRA Risk-Free Guarantee) program to eliminate the financial uncertainty for customers who are interested in EV adoption, but are concerned about the future of the IRA tax credit,” said John Harris, Co-founder and CEO of Harbinger. “For electric vehicles to go mainstream, they must be cost-competitive with diesel vehicles. While the IRA tax credit helps bridge that gap, we remain committed to price parity with diesel, even if the credit disappears. Our vertically integrated approach enables us to keep costs low, shields us from tariff volatility, and ensures long-term price stability for our customers.”
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Harbinger recently revealed a book of business consisting of 4,690 binding orders. Those orders are valued at approximately $500 million, and fueled a $100 million Series B raise.
Electrek’s Take
Harbinger truck charging; via Harbinger.
One of the most frequent criticisms of electric vehicle incentives is that they encourage manufacturers and dealers to artificially inflate the price of their vehicles. In their heads, I imagine the scenario goes something like this:
you looked at a used Nissan LEAF on a dealer’s lot priced at $14,995
a new bill passes and the state issues a $2500 used EV rebate
you decide to go back to the dealer and buy the car
once you arrive, you find that the price is now $16,995
While it’s commendable that Harbinger is taking action and sacrificing some of its profits to keep the business growing and the overall cause of fleet electrification moving forward, one has to wonder how they can “suddenly” afford to offer these massive discounts in lieu of government incentives – and how many other EV brands could probably afford to do the same.
Whoever is left at Nikola after the fledgling truck-maker filed for Chapter 11 bankruptcy protection last month is probably having a worse week than you – the company issued a recall with the NHTSA for 95 of its hydrogen fuel cell-powered semi trucks.
That complaint seems to have led to the posthumous recall of 95 (out of about 200) Nikola-built electric semi trucks.
The latest HFCEV recall is on top of the 2023 battery recall that impacted nearly all of Nikola’s deployed BEV fleet. Clean Trucking is citing a January 31, 2025 report from the NHTSA revealing that, as of the end of 2024, Nikola had yet to complete repairs for 98 of its affected BEVs. The ultimate fate of those vehicles remains unclear.
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Electrek’s Take
Image via Coyote Container.
I’ve received a few messages complaining that I “haven’t covered” the Nikola bankruptcy – which is bananas, since I reported that it was coming five weeks before it happened and there was no “new” information presented in the interim (he said, defensively).
Still, it’s worth looking back on Nikola’s headlong dive into the empty swimming pool of hydrogen, and remind ourselves that even its most enthusiastic early adopters were suffering.
“The truck costs five to ten times that of a standard Class 8 drayage [truck],” explained William Hall, Managing Member and Founder of Coyote Container. “On top of that, you pay five to ten times the Federal Excise Tax (FET) and local sales tax, [which comes to] roughly 22%. If you add the 10% reserve not covered by any voucher program, you are at 32%. Thirty-two percent of $500,000 is $160,000 for the trucker to somehow pay [out of pocket].”
After several failures that left his Nikola trucks stranded on the side of the road, the first such incident happening with just 900 miles on the truck’s odometer, a NHTSA complaint was filed. It’s not clear if it was Hall’s complaint, but the complaint seems to address his concerns, below.