CEVO, Masari-Atlantis are investing EUR 100 mn in an EV factory in Dubai: UAE-based Masari-Atlantis and South Korea’s CEVO Mobility signed an investment contract on Thursday to invest EUR 100 mn in a new electric vehicle factory in Dubai next year, Gulf Today reports.

In detail: CEVO and Masari-Atlantis plan to produce 20k electric vehicles per year at the factory, which will span 200k sqm. The first EV from the new factory is expected to be produced in 2024, according to Gulf Today. The two companies also agreed on an EV development plan to produce four-seater vehicles, including trucks, commercial vehicles for urban logistics and delivery markets, and custom-order sports cars in Dubai.

Who’s who: Masari-Atlantis is a joint venture between British Columbia-based investment firm Masari and Dubai-based Atlantis Wide and Petro Trading, according to Gulf Today. CEVO Mobility specializes in micro-electric vehicles and currently leads the South Korean micro-EV market.

The UAE EV market is booming: Dubai is setting its sights on having 42k electric cars on its roads by 2030, with the UAE’s EV market expected to grow at a CAGR of around 28.5% during the 2023-28 period, according to a market research report. Annual EV car sales in the Middle East, including the UAE, is currently at 3-4 mn units, Gulf Today says.

IN OTHER EV NEWS-

Saudi Arabia has granted EV manufacturer Lucid Motors an operating license for its manufacturing unit in the King Abdullah Economic City (KAEC) in Rabigh, west of the Kingdom, Asharq Al Awsat reports. Lucid — which is backed by Saudi’s Public Investment Fund (PIF) — broke ground on the factory last year, with intentions to diversify the national automotive sector by granting building permits to build the Lucid factory in the KAEC special economic zone. The facility in Saudi is estimated to be about 1.35 mn sq meters and occupies about 31% of the total area allocated to the automotive industry in the KAEC Special Economic Zone.

REMEMBER- Saudi is looking to convert 30% of the vehicles in Riyadh into electric cars to achieve its 2030 Vision.

ALSO- LG Chem and China's Huayou Group partner up for LFP in Morocco: LG Chem and Youshan plan to build a Lithium-Phosphate-Iron (LFP) cathode material plant and lithium conversion plant in Morocco, according to a statement. The two companies are expected to produce 50k metric tons of LFP cathode materials a year — which allows them to produce more affordable EV’s from 2026. This is enough to be installed in 500k electric vehicles that have 50 KWH capacity and a 350-km range. The two companies plan to build four facilities, including an LFP cathode material plant and a lithium conversion plant in Morocco, while also building a high-pressure acid leaching (HPAL) plant, a precursor plant, and a nickel processing plant in Indonesia.