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BENGALURU, 26 July 2023: Pravaig Dynamics, has signed a significant Memorandum of Understanding (MoU) with Saudi Arabia to set up its first manufacturing plant abroad. The agreement aims to build a facility that will produce electric vehicles for the United States, Gulf, and European countries.
Bengaluru-based electric vehicle startup envisions manufacturing around 10 lakh electric cars from the Saudi Arabian factory once it becomes operational. The MoU was signed during the G20 YEA India Summit 2023, in collaboration with Saudi India Venture Studio.
Left-Hand Drive Production
Under the MoU, Pravaig Dynamics will engage in co-development, supply, and service of special purpose vehicles, including electric vehicles, AI-driven solutions, advanced batteries, and energy storage solutions. The fundamental goal of this collaboration is to develop a solid left-hand drive production base capable of producing up to 1 million automobiles per year, effectively meeting the demands of the GCC, Europe, and the United States.
Sidhhartha Bagri, the founder and CEO of Pravaig Dynamics, expressed his excitement about the deal, stating that it opens up opportunities for the Indian startup to offer its cutting-edge technology to the global market. He sees this milestone as a chance to shape the global technology landscape, emphasizing the shared vision that will enable them to deliver groundbreaking ideas and transform people’s relationship with technology.
The CEO of Saudi India Venture Studio, Mansour Alsanooni, believes that this partnership presents enormous economic opportunities. He expressed confidence that by combining Pravaig’s expertise with the Kingdom of Saudi’s support and strategic guidance, they are poised to unlock unparalleled economic opportunities, estimated at around USD 31bn across international markets.
Pravaig Defy electric SUV
Pravaig Dynamics previously unveiled its Defy electric SUV for the Indian market. The SUV boasts a claimed range of 500 km on a single charge and a top speed of 210 kmph. Its powerful electric powertrain can deliver 402 bhp of peak power and 620 Nm of peak torque. The SUV was priced at INR 39.50 lakh and was scheduled to enter manufacturing in the second quarter of 2023.
With the upcoming manufacturing facility in Saudi Arabia, Pravaig Dynamics is looking to expand its footprint in the global electric vehicle market. The partnership signifies a significant step towards realizing their vision of shaping the future of mobility and technology worldwide. As the demand for electric vehicles continues to rise, this collaboration is expected to drive innovation and contribute to sustainable transportation solutions on a global scale.
