Saudi Arabia Makes A Fresh Tilt At Attracting Auto Makers, After Past Failures

Saudi Arabia Makes A Fresh Tilt At Attracting Auto Makers, After Past Failures

Cars drive along a busy street in Riyadh, Saudi Arabia on June 20, 2018 in Riyadh, Saudi Arabia ... [+] (Photo: Sean Gallup/Getty Images) Riyadh is making a renewed effort to convince car companies to set up production lines in the country, as part of its wider economic diversification drive. Investment Minister Khalid al-Falih told Reuters that talks are ongoing with a number of firms and the name of the first car manufacturer to set up a base in the Gulf kingdom will be announced before the end of the year. "Following that there will be another one or two car manufacturers, and they will be cars of the future," he added. Al-Falih did not reveal which companies the government is talking to, but perhaps the most likely name is electric vehicle manufacturer Lucid Motors. The challenger to Tesla is partly owned by the Public Investment Fund, a Saudi sovereign wealth fund, and there has been speculation for some time that it could set up a factory near Jeddah. "We hope they'll chose the kingdom," Al-Falih told Reuters. "It's no secret they are evaluating the kingdom. They're evaluating other countries and, at the end of the day, they'll make up