Overview
- FIT said its Smart Mobility joint venture will break ground in Saudi Arabia in December for its first Middle East manufacturing base.
- The factory will make electric-vehicle chargers, with production targeted to begin in 2026, according to chairman Sidney Lu.
- FIT launched Smart Mobility in May with local partner Saleh Suleiman Alrajhi and Sons.
- Smart Mobility CEO Prince Fahad bin Nawaf Al Saud pointed to a national goal for 30 percent of cars to be electrified by 2030.
- FIT expects about $700 million in auto-mobility revenue this year, building on EV-focused acquisitions of Prettl SWH (renamed FIT Voltaira) in 2023 and Auto-Kabel Group in 2024.