The deal was done through Ma’aden, a state owned mining firm. Battery metals investments are important for Saudi Arabia in the EV sector. It needs to funnel the revenues from oil resources into other commodities that promise higher growth as the energy transition continues to gain speed.
That is now affecting which EV stocks to buy. Much of the wealth created by Saudi Arabia’s vast oil reserves is controlled by the country’s Public Investment Fund which plans to develop the country’s non-oil GDP growth. The EV sector is an important strategic pillar in that plan and Saudi Arabia is working to bring electric vehicles into the fold.
A Lithium brine pool. Saudi Arabia is exploring projects that can produce lithium for batteries in an effort to ramp up production in the Middle Eastern oil exporter.
Remember, the PIF owns 60% of Lucid and that means the company has a massive advantage and despite early issues it remains well protected overall. Tesla (NASDAQ:TSLA) looks like the next of the EV stocks to buy for Saudi Arabia’s PIF to increase its manufacturing footprint in the Kingdom.
Li Auto (NASDAQ:LI), XPeng (NYSE:XPEV), and BYD (OTCMKTS:BYDDF) also make sense as EV stocks to buy if Saudi Arabia chooses to champion Nio’s competitors. The Nio/Abu Dhabi investment materialized in 3 weeks from start to finish so if any similar news emerges the opportunity could come and go very quickly. Investors should be ready to move quickly.
Further, Magna International is simply a diversified firm overall and has established itself as a name in the EV OEM sector. The potential is clear and it’s a reasonable investment otherwise. Albemarle (NYSE:ALB) is another EV stock to watch as Saudi Arabia’s investment in the sector ramps up.
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