Enovate Motors, a Chinese electric vehicle startup is betting big on the Middle East market. Enovate has signed a deal with local company Sumou Holding in Saudi Arabia to jointly build a new energy vehicle (NEV) production plant in the kingdom.
Both parties will form a joint venture that will make two phases of expenditures totaling about $500 million in Saudi Arabia to build a production and R&D base with an annual capacity of about 100,000 NEVs.
The facility, when completed, will be the first Chinese-branded NEV production facility in Saudi Arabia. Enovate is also discussing the investment strategy with Saudi investors and shareholders, including the Saudi sovereign fund and Saudi Aramco.
Related: Saudi Arabia Agrees Electric Vehicle Partnership with Foxconn
Enovate was formerly known as Zhejiang Dianka Automobile, which was founded in 2015 and produces mini electric vehicles. The Enovate brand was officially launched in November 2018.
In September 2020, the company’s first model, the all-electric Enovate ME7 SUV was launched. Then in July 2021, the second model, the Enovate ME5 SUV with extended-range technology was launched. The ME5 currently has a starting price of RMB 138,800 ($19,900) while the ME7 costs RMB 269,800.
Related: Chinese NEV Startups Take Lead in JD Power Customer Satisfaction
While Enovate hasn’t been able to see good success in Chinese domestic market, the company is ambitious about its plans to do well in international markets, starting from Saudi Arabia.
Enovate ME5
Enovate ME7
A computer animation professional with over 23 years of industry experience having served in leading organizations, TV channels & production facilities in Pakistan. An avid car enthusiast and petrolhead with an affection to deliver quality content to help shape opinions. Formerly written for PakWheels as well as major publications including Dawn. Founder of CarSpiritPK.com
wpDiscuz
