Bangalore-based automotive technology company, Pravaig has signed a memorandum of understanding (MoU) with Saudi Arabia-based ‘Saudi India Venture Studio’ for a range of services. However, a key point in the agreement is that Pravaig could examine the possibility of producing up to one million EVs for America, Europe and the Gulf region in Saudi Arabia.

1. Companies aim to generate business worth $31 billion (Rs 2.5 lakh crore)
2. Deliveries of the Defy EV SUV have been pushed to December - March

The MoU was agreed upon at the G20 YEA India Summit in Delhi on July 18, and Pravaig Dynamics feels the collaboration will allow it to co-develop, supply and service special purpose vehicles. Speaking on the occasion, CEO of the Saudi India Venture Studio, Mansour Alsanooni said, “The partnership with Pravaig sparks investment opportunities and entrepreneurial ventures, propelling the Kingdom's technological evolution in the EV, battery and AI sectors.”

The Indian company has agreed to this deal to make use of the international reach that Saudi Arabia can offer. The statement says that Pravaig's expertise in the EV industry along with Saudi Arabia's strategic guidance would allow the two to explore economic opportunities of over USD 31 billion (over Rs 2.5 lakh crore) across international markets. This would be possible if the company begins production of EVs for the global market in Saudi Arabia. In a statement, Siddhartha Bagri, CEO of Pravaig Dynamics said, "This milestone represents the possibility to shape the global technology landscape.”

Defy SUV Launch 

Pravaig was founded in 2011 and has since developed a few concept vehicles, including the Extinction sedan. We got to drive it, and you can read about it here. The company, however, is yet to deliver a production version of the sedan, but, last year, it launched and started accepting bookings for its electric SUV, the Defy. Deliveries for the Defy SUV were scheduled to begin between July-September 2023, but we understand that this has been pushed back to late 2023-early 2024 as the company is trying to refine the SUV’s styling and finish.