Chinese automaker BYD is reportedly planning to launch new electric vehicle (EV) models in Saudi Arabia, as competition heats up in the Arab region’s largest economy.
The company will introduce seven new models in the kingdom in the coming months, BYD executive vice president Stella Li told Arab daily newspaper Al Eqtisadiah.
No details on the new models were given.
“We have established a regional centre in Europe and are seeking to open a similar one to serve the Middle East, which will enhance our global expansion plans and align with the goals of Saudi Vision 2030 towards sustainable transport,” she said.
BYD will establish a new facility in Turkey by the end of next year, Li said. The $1 billion electric and rechargeable hybrid car production facility will produce 150,000 vehicles per year.
However, Li ruled out talks with the Saudi government or the private sector for investments in BYD.
She said Saudi Arabia is playing an active role in the EV industry through its investments from the Public Investment Fund (PIF).
PIF holds a majority stake in US EV maker Lucid Motors and has launched Ceer, the country’s first electric vehicle manufacturer.
In July, BYD announced plans to add seven new showrooms in Saudi Arabia by the second half of 2026. The first store in the kingdom was opened in May last year, with three showrooms currently operational.
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BYD’s share of EV sales reached 22 percent of total global EV sales in 2024, surpassing US carmaker Tesla, the report said.
The Chinese company has sold 1.76 million EVs in 2024 and expects to sell between 5 and 6 million vehicles in 2025.
Saudi Arabia has set a target to have 30 percent of vehicles in the kingdom to be electric powered by 2030. Elon Musk’s Tesla opened its first showroom in Saudi Arabia in Riyadh in April.
