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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Following approval from Transport Canada, EV startup Workhorse will be bringing the W56 and W750 model electric delivery vans to commercial truck dealers in Canada as early as this spring.
“This is a major step forward for Workhorse,” says Josh Anderson, Workhorse’s chief technology officer in a press statement. “Pre-clearance from Transport Canada opens up a large new market for our products throughout Canada, including with fleets that operate across borders in North America.”
Despite that uncertainty, Workhorse execs remain upbeat. “We’re excited that our electric step vans can now reach Canadian roads and highways, providing reliable, zero-emission solutions that customers can depend on,” added Anderson.
Canadian pricing has yet to be announced.
Electrek’s Take
FedEx electric delivery vehicle; via Workhorse.
There’s no other way to say it: the Trump/Musk co-presidency is disrupting a lot of companies’ plans – and that’s especially true across North American borders. But in all this chaos and turmoil there undoubtedly lies opportunity, and it will be interesting to see who ends up on top.
The new Liebherr S1 Vision 140-ton hauler is unlike any heavy haul truck currently on the market – primarily because the giant, self-propelled, single-axle autonomous bucket doesn’t look anything like any truck you’ve ever seen.
Liebherr says its latest heavy equipment concept was born from a desire to rethink truck design with a focus only on core functions. The resulting S1 Vision is primarily just a single axle with two powerful electric motors sending power to a pair of massive airless tires designed carry loads up to 131 tonnes (just over 140 tons).
The design enables rapid maintenance, as important components easily accessible for quick servicing. Wear parts can be replaced efficiently, and the electric drive significantly reduces maintenance work. This helps to minimise downtimes and increases operational efficiency.
LIEBHERR
Because of its versatility, durability, and ability to perform zero-turn maneuvers that other equipment simply can’t, the Liebherr S1 Vision can be adapted for various applications, including earthmoving, mining, and even agriculture. There’s also a nonzero chance of this technology finding applications supporting other on-site equipment through charging or fuel delivery.
The S1 accomplishes that trick safely with the help of an automatic load leveling system that ensures maximum stability, even on bumpy or rough terrain. The company says this technology significantly reduces the risk of tipping while providing smooth and secure operation across various environments.
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.