Skyworth Auto, Saudi Arabia’s KAG Group form cooperation valued at 10 billion yuan for 1st phase

Shanghai (Gasgoo)- On May 7 and 8, the CEO of KAG Group, which is owned by HRH Princess Rima bint Abdullah bin Abdulaziz Al Saud of Saudi Arabia, visited Xuzhou, Jiangsu province, to engage in strategic discussions and sign a ten-year collaboration agreement with Chinese new energy vehicle maker Skyworth Auto.

The strategic partnership with Skyworth Auto is structured in two phases with the initial five-year phase involving a business collaboration plan valued at 10 billion yuan. The subsequent five-year phase will expand based on the outcomes of the initial phase.

Additionally, KAG Group has entered into a comprehensive partnership with Skyworth Auto that encompasses a range of areas including passenger vehicles, supercharging stations, and smart living solutions, among other new energy innovations. Under this agreement, KAG Group will become the exclusive partner for Skyworth Auto in Saudi Arabia.

KAG Group's primary business areas include transportation services for the Saudi royal family, new energy vehicles, data analysis consulting, and municipal utility services. Notably, it manages over 85% of the underground water pipelines in Saudi Arabia.

Skyworth Auto said it is actively expanding its global footprint, establishing Knock-Down (KD) factories in key regions worldwide, in collaboration with local governments. The Middle East is a focal area for Skyworth Auto's KD factory initiatives. In the future, the Skyworth Auto factory in Saudi Arabia is set to deepen its collaboration with KAG Group and progressively establish various cooperative agreements.