News
Saudi Arabia To Build 150,000 EVs Annually By 2026
In a bid to cut dependence on oil production and meet sustainable goals, the Kingdom will utilize its 61% share of startup Lucid Motors.
Although Saudi Arabia is well-known as one of the world’s largest oil producers, the Kingdom has recently unveiled plans to build and export electric vehicles.
As part of the country’s “Vision 2030” strategy, the oil-rich nation will export over 150,000 EVs in 2026 to meet emissions targets and continue building a stable economy.
Although oil accounts for over 50% of Saudi Arabia’s GDP, the government is keen to diversify the economy to avoid market volatility and keep the nation’s industrial output current in a post-carbon world.
The move comes as countries worldwide continue to reduce carbon emissions and their reliance on fossil fuels. 2022 is turning out to be a record year for renewables, with research indicating that alternative energy sources entirely covered rising global energy demands in the first half of the year.
As this trend is almost certain to continue, Saudi Arabia aims to reduce its reliance on oil production dramatically, lowering the percentage of GDP from oil from 50% to 17%.
The Lucid Motors Partnership
Saudi Arabia recently hit the headlines after its decision with OPEC+ to cut oil production, and now the nation is aiming its sights on a new market with EVs. Earlier this year, the Kingdom announced that it had committed to purchasing 50,000+ EVs from Lucid Motors after Saudi Arabia’s Public Investment Fund (PIF) invested over $1 billion in the EV startup in 2018, resulting in a 61% stake in the company.
According to Khalid Al-Faith, Minister of Investments, construction begins at Lucid’s EV manufacturing plant in May 2023.
News
HiFuture Wraps Up Successful GITEX GLOBAL 2024 Appearance
The electronics company wowed audiences at the world’s largest tech event with a range of wearable and smart audio devices.
This year’s GITEX GLOBAL 2024 in Dubai saw a huge number of startups, electronics firms, and innovators from around the globe gather for the tech sector’s largest event of its kind. One company making waves at this year’s expo was Chinese tech group HiFuture, which showcased a range of products with a focus on wearable technology and smart audio.
At the HiFuture booth, the company captivated attendees with cutting-edge smartwatches like the ACTIVE and AURORA, along with a range of powerful wireless speakers, earbuds, and even smart rings. Visitors were eager to check out the sleek new designs on offer and even had the chance to test out some of the products themselves.
Among the highlights were smartwatches combining dual-core processors with customizable options. The devices blended style and technology, offering health monitoring capabilities, personalized watch faces, and advanced AI-driven functionalities, giving attendees a taste of the future of wearable technology.
On the audio front, HiFuture’s wireless speakers left a lasting impression, offering rich, immersive sound in compact, portable designs. These speakers cater to both intimate gatherings and larger celebrations, offering versatility for users. Meanwhile, the company also showed off its Syntra AI technology, which it claims “revolutionizes health and fitness tracking by combining advanced optical sensors with intelligent algorithms for precise, real-time insights”.
Also Read: How (And Why) To Start A Tech Business In Dubai
The presence of HiFuture’s leadership team at GITEX 2024 underscored the importance of this event for the company, with CEO Levin Liu leading a team of executives, all keen to engage with attendees and offer insights into HiFuture’s vision, product development process, and future direction.
Overall, it seems that GITEX GLOBAL 2024 has been a rewarding experience for HiFuture. The enthusiasm and curiosity of attendees shown to the company’s diverse range of products was obvious, with the HiFuture team leaving on a high note and clearly excited and motivated by the event.
HiFuture Wraps Up Successful GITEX GLOBAL 2024 Appearance
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