Is Saudi Arabia going to rev up a homegrown EV maker?

Saudi Arabia has hired advisers to explore establishing its own domestic electric-vehicle maker, sources tell Bloomberg.

Saudi Arabia has hired advisers including Boston Consulting Group to explore establishing its own domestic electric-car maker, according to people familiar with the matter. The project is linked to existing plans to build up automotive infrastructure in the country and boost local manufacturing, said the people, who asked not to be identified because the deliberations aren’t public. A spokesperson for Saudi Arabia’s sovereign-wealth fund said it is committed to stoking growth and diversifying the kingdom’s oil-reliant economy while declining to comment on specific projects.