Would you like to receive notifications on latest updates of the following headlines?

China eyes electric vehicle manufacturing in Saudi Arabia

POSTED ON October 4, 2024 •   BUSINESS      BY Abiodun Saheed Omodara
Chinese ambassador to Saudi Arabia l Credit: Asharq Al-Awsat

China’s ambassador to Saudi Arabia, Chang Hua, has expressed Beijing’s hopes to strengthen its partnership with the kingdom, especially in electric vehicle production and other industries.

Speaking to Asharq Al-Awsat, Hua condemned violations of Lebanon’s sovereignty and the targeting of civilians.

He called for immediate action to reduce tensions and prevent further escalation in the region.

“China is deeply shocked by the high civilian casualties from the conflict between Israel and Lebanon,” Hua said, urging the international community to work on calming the situation.

He emphasised that, no matter how things unfold, “China will always stand for justice and remain committed to peace and stability in the Middle East. We are ready to work with all parties to promote peace in the region.”

China’s economic growth

Hua highlighted China’s rise from a $30 billion economy to a $17.8 trillion one, making it the world’s second-largest economy and a leader in trade and industry.

He reiterated China’s goal to maintain high-level openness, push for high-quality economic development, and promote a multipolar world with fair global governance and inclusive economic globalisation.

Saudi-China Relations

Hua described the partnership between Saudi Arabia and China as entering a new phase of deep development, congratulating Saudi Arabia on its 94th National Day.

He noted that Chinese Premier Li Qiang’s recent visit to Saudi Arabia had boosted bilateral relations and strengthened the comprehensive strategic partnership, driving it towards a more stable and prosperous future.

The ambassador stressed the need to expand trade and investment between the two countries and highlighted the upcoming “Saudi-Chinese Cultural Year 2025” as a key event.

Hua also pointed out that Saudi Crown Prince Mohammed bin Salman values the strong and historic relationship between the two nations.

The Crown Prince looks forward to further aligning Saudi Vision 2030 with China’s Belt and Road Initiative, expanding cooperation in energy, investment, and culture.

Hua noted that China is Saudi Arabia’s largest trading partner, with bilateral trade exceeding $100 billion in the past two years. He also mentioned the recent currency swap agreement between the two countries, which has helped boost trade and investment.

 

New Developments in Saudi-China Relations

According to Hua, the cooperation between the two nations has grown significantly, particularly in the automotive, renewable energy, and tourism sectors.

In 2023, Saudi imports of Chinese cars reached $4.12 billion, driven by companies like Changan, Geely, MG, Chery, Great Wall, Hongqi, GAC, and BYD, which have opened branches in the kingdom.

Discussions are ongoing about building local manufacturing plants. China exported 4.91 million vehicles in 2023, making it the largest car exporter globally for the first time, including 1.203 million electric vehicles, a 77.6% increase from the previous year.

Hua noted that Saudi Vision 2030 aimed for electric vehicles to account for at least 30% of all cars in Riyadh by 2030, and he expressed optimism about enhancing collaboration in automotive manufacturing.

Chinese companies are also increasingly involved in Saudi Arabia’s renewable energy sector. They are working on multiple solar projects, including the Al Shuaibah photovoltaic plant, the largest of its kind in the world, with a capacity of 2.6 gigawatts.

In July 2023, the Renewable Energy Localisation Company (RELC), backed by the Saudi Public Investment Fund, signed agreements with three Chinese firms—Envision Technology Group, Jinko Solar, and TCL Zhonghuan—to establish joint ventures for high-efficiency solar cell production in Saudi Arabia.

These projects will focus on producing solar components, helping Saudi Arabia achieve its goal of sourcing 75% of renewable energy project components locally by 2030.

Hua also highlighted the increasing exchange of visits between citizens of both countries. In September 2023, China and Saudi Arabia signed a memorandum of understanding to facilitate group tourism, making the kingdom an official destination for Chinese tour groups.

Several Chinese travel agencies have begun offering packages to Saudi Arabia, and direct flights between the two countries are increasing.

Saudi Airlines have expanded its routes, operating numerous weekly flights between Beijing, Shanghai, Shenzhen, Riyadh, and Jeddah.

READ ALSO
Dangote Advocates Affordable Housing Solutions at Africa International Housing Show
BY Abiodun Saheed Omodara August 1, 2025 0

Dangote Cement Plc has urged stakeholders in Nigeria's housing sector to adopt affordable mass housi...

READ ALSO
NOGASA Warns of Nationwide Disruptions as Dangote Refinery Plans Direct Supply to Consumers
BY Abiodun Saheed Omodara August 1, 2025 0

The Natural Oil and Gas Suppliers Association of Nigeria has issued a warning regarding the Dangote...

READ ALSO
NBS Reports Surge in Cooking Gas and Kerosene Prices across Nigeria
BY Abiodun Saheed Omodara July 31, 2025 0

The National Bureau of Statistics (NBS) has announced a rise in the average costs of cooking gas and...

READ ALSO
FG to Raise N796bn Annually from New 5% Petrol Surcharge
BY Abiodun Saheed Omodara July 31, 2025 0

The Federal Government is expected to generate N796bn annually from the implementation of a five per...

READ ALSO
Business Owners in Abuja Raise Alarm over Rising Operational Costs and Falling Sales
BY Abiodun Saheed Omodara July 30, 2025 0

Business owners in the Federal Capital Territory have voiced their worries about the escalating cost...

READ ALSO
33 African Startups Cease Operations in 30 Months Amid Shift to Sustainability
BY Abiodun Saheed Omodara July 30, 2025 0

In the last 30 months, from January 2023 to mid-2025, approximately 33 startups in Africa ceased ope...

READ ALSO
Nigerian Financial Institutions Urged to Adopt Real-Time Tools to Combat Rising Fraud
BY Abiodun Saheed Omodara July 30, 2025 0

Financial institutions in Nigeria and throughout Africa have been encouraged to implement real-time...

READ ALSO
NDLEA Conducts Public Auction of Properties Linked to Drug Trafficking
BY Abiodun Saheed Omodara July 30, 2025 0

The National Drug Law Enforcement Agency (NDLEA) held a public auction yesterday for houses that wer...

OUR CHANNELS:

Benue Assembly Suspends Five Lawmakers Over Misconduct
BY Abiodun Saheed Omodara August 6, 2025 0

The Benue State House of Assembly has suspended five lawmakers for three legislative sittings after...


LASG Raises Concern over 14% Reduction in Baby Breastfeeding
BY Abiodun Saheed Omodara August 6, 2025 0

    The Lagos State Government has raised alarm over the low r...


FG Convict 21 Foreign Cybercrime Experts
BY Abiodun Saheed Omodara August 6, 2025 0

The Federal High Court in Abuja has convicted 21 foreign nationals for their involvement in high-lev...


Tragedy as Mother, five children die under collapse building
BY Abiodun Saheed Omodara August 6, 2025 0

A tragic building collapse has claimed the lives of a mother and her five children, leaving a family...


Davido Gift ₦3m to ‘Baddy of Lagos, Expands Philanthropy Across Borders
BY Abiodun Saheed Omodara August 6, 2025 0

Nigerian Afrobeats sensation Davido has once again shown his heart of gold, donating ₦3 million to a...


Sesko's Transfer Sparks Competition Between United and Newcastle
BY Abiodun Saheed Omodara August 6, 2025 0

Both Manchester United and Newcastle United have submitted competing offers for sought-after RB Leip...


Nigeria Poised to Lead Global AI Economy- Microsoft GM
BY Abiodun Saheed Omodara August 6, 2025 0

The General Manager of Microsoft Nigeria and Ghana, Abideen Yusuf, stated on Tuesday that Nigeria is...


Kano to Boost Agriculture with 1,038 Workers
BY Abiodun Saheed Omodara August 6, 2025 0

In a renewed initiative to enhance the agricultural sector in Kano State, Governor Abba Yusuf has is...


Nigeria Forest Security Service Trains Over 24,000 New Officers to Enhance Forest Security
BY Abiodun Saheed Omodara August 6, 2025 0

The Nigeria Forest Security Service (NFSS) has announced the training of over 24,000 new officers ac...


LASG Urges Calm Amid Heavy Rainfall and Flood Warnings
BY Abiodun Saheed Omodara August 6, 2025 0

The Lagos State Government has called for calm as heavy rains persist in the area, warning that more...


More Articles

Load more...

Menu