Indian EV startup Pravaig Dynamics to set up manufacturing plant in Saudi Arabia

Pravaig Dynamics, a Bengaluru-based electric vehicle startup, will set up its first manufacturing plant abroad. The EV startup has signed a Memorandum of Understanding (MoU) with Saudi Arabia to build a facility that will produce electric vehicles for United States, Gulf and European countries. The EV maker aims to manufacture 10 lakh electric cars from the factory in Saudi Arabia when it becomes operational. The MoU was signed with Saudi India Venture Studio at the G20 YEA India Summit 2023 last week.

According to the MoU between Pravaig Dynamic and Saudi India Venture Studio, the EV maker will be involved in co-development, supply and service special purpose vehicles, including EVs, AI-driven solutions, advanced batteries, and energy storage solutions. A statement was issued on the deal which read, “One of the key objectives of this partnership is to establish a robust left-hand drive production base of up to 1 million units' vehicles, effectively catering to the demands of the GCC, Europe, and the USA."

Sidhhartha Bagri, founder and CEO at Pravaig Dynamics, said the deal opens up opportunity for the Indian startup to offer its technology to the world. "This milestone represents the possibility to shape the global technology landscape in our common destiny and values. Our shared vision will enable us to deliver groundbreaking ideas and transform people's relationship with technology," he said.

Saudi India Venture Studio sees massive economic opportunities in the deal with Pravaig. Mansour Alsanooni, CEO of Saudi India Venture Studio, said, “By combining Pravaig's expertise with the Kingdom of Saudi's invaluable support and strategic guidance, we are poised to unlock unparalleled economic opportunities of USD 31 billion across international markets."

Pravaig Dynamics is a Bengaluru-based EV startup which unveiled Defy electric SUV for India last year. The Pravaig Defy has a claimed range of 500 kms on a single charge and a 210 kmph top speed. The electric SUV's powertrain can churn out 402 bhp of peak power and 620 Nm of peak torque. Priced at ₹39.50 lakh, the SUV was slated to enter manufacturing in the second quarter of 2023.