1.Passenger Car Market

In 2021, Saudi Arabia's new passenger car sales exceeded 475800 units.

In 2022, the sales of new passenger cars reached nearly 481900 units.

In 2021 and 2022, nearly 43% of all passenger cars sold in Saudi Arabia were SUVs.

Toyota and Hyundai are the biggest winners in 2022, occupying nearly 30% and 20% of the market share, respectively.

It is expected that passenger car sales will exceed 517000 units by 2027.

During the period of 2010-2015, this market was one of the fastest-growing in the world, with sales reaching a record high of 892647 vehicles in 2015.

However, due to the decline in international oil prices and government policies suppressing demand for new consumer goods, including cars, new car sales have begun to decline. In 2018, sales dropped to 420701 units.

In 2019, the market opened a new virtuous cycle, with sales exceeding 500000 units. In 2020, due to the impact of the epidemic, the annual sales volume was 469593 vehicles, a decrease of 13.4% compared to 2019.

In 2021, the market effectively recovered from the epidemic and performed optimistically throughout the year, with sales of 585351 vehicles, an increase of 24.6% compared to 2020. two thousand and twenty-two

In the year, the total sales volume was 625767 vehicles, reaching a new high in six years.

3.Japanese and Korean brands dominate the automotive market

In 2022, the total sales volume of Saudi Arabia's automobile market reached 625767 units, a six-year high and an increase of 6.9% compared to 2021.

By brand, Toyota is the leading automotive brand in Saudi Arabia, with sales of 197577 units (23.4%) in 2022 and a market share of 32%. Next is Hyundai, with sales of 89015 units (-5.8%) and a market share of 14%. Ranked third is Nissan, with sales of 36288 vehicles (-5.2%) and a market share of 6%.

Among Chinese brands, Changan ranks fourth with sales of 35028 vehicles (+28.6%) and a market share of 6%; MG ranks sixth with sales of 30026 vehicles (+24.4%) and a market share of 5%; Geely ranks eighth with a sales volume of 22084 vehicles and a market share of 4%.

According to the Saudi Industrial Development Fund, under the leadership of Lucid and CEER, Saudi Arabia will achieve a total annual production capacity of 310000 electric vehicles by 2030.

By 2027, it is expected that a total of 10 different models of electric vehicles will be launched.

Annual production capacity of electric vehicles under construction (by 2030):

Lucid: Annual production of 155000 vehicles | Expected to produce 4 models of pure electric vehicles;

CEER: Annual production of 150000 vehicles | Expected to produce multiple BEV models, including sedans and SUVs;

Upcoming unnamed project: 50000 vehicles per year

5.Saudi Arabia invests in electric vehicles

In September 2018, the cooperation partners were the Saudi Public Investment Fund (PIF) and Lucid. The cooperation involved the Saudi Public Investment Fund investing $1 billion, and Lucid will build the first international automotive assembly plant in the King Abdullah Economic City.

In November 2022, the partners are the Saudi Public Investment Fund (PIF), Foxconn, and BMW. The cooperation includes the official launch of Ceer, the first local electric vehicle brand. At present, the brand's factory is still under construction and is expected to start mass production of electric SUVs and sedans in 2025.

In December 2022, the cooperation partners are Sumou Holding, a Saudi investment company, and Skyrim Motors. The cooperation content is to establish a joint venture company and jointly invest in building factories to produce new energy vehicles in the local area.

In June 2023, the cooperation partners are the Saudi Ministry of Investment and Chinese American Express. The cooperation content includes signing a $5.6 billion agreement to jointly develop, manufacture, and sell automobiles.

The government is committed to establishing a comprehensive charging infrastructure network

The Saudi Electric Vehicle Charging Infrastructure Development Plan (SEVCIDI) was launched in 2021 with the goal of installing 50000 charging stations nationwide by 2025.

Electromin is the electric vehicle business unit of Petromin, a Saudi Arabian lubricant manufacturer and automotive service provider. As the largest player in the field of electric vehicle charging in Saudi Arabia, Electomin announced the launch of a national public electric vehicle charging network in 100 locations throughout Saudi Arabia. The charging point operator (CPO) aims to establish a nationwide electric vehicle charging network for electric vehicles in Saudi Arabia.

Saudi Arabia's automobile import and export situation

Distribution of Saudi Arabia's automobile import and export countries

In 2021, Saudi Arabia imported $12.1 billion worth of cars, becoming the 13th largest importer of automobiles in the world. In the same year, automobiles were the largest imported product in Saudi Arabia. Saudi Arabia mainly imports cars from the following countries: Japan ($3.38 billion), China ($1.68 billion), the United States ($1.48 billion), South Korea ($952 million), and Germany ($642 million).