EVIQ Develops Electric Vehicle Infrastructure
EVIQ, the Electric Vehicle Infrastructure Company in Saudi Arabia, represented a significant leap in the Kingdom’s sustainable energy ambitions.
Spearheaded by CEO Mohammad Bakr Gazzaz, EVIQ is a joint venture between the Public Investment Fund (PIF) and the Saudi Electricity Company (SEC), focusing on developing a robust electric vehicle (EV) infrastructure across the nation.
EVIQ’s Vision and Strategy
Mohammad Bakr Gazzaz, at the helm of EVIQ, emphasizes the company’s critical role in shaping the future of electric vehicles in Saudi Arabia. EVIQ’s primary goal is to drive EV adoption by providing accessible, reliable charging infrastructure.
This initiative aligns with the Kingdom’s broader sustainability objectives diversification efforts, as outlined in its Vision 2030.
Overcoming Challenges
One of the main challenges facing EV adoption in Saudi Arabia is the lack of a comprehensive charging infrastructure.
Gazzaz points out the “chicken or the egg” dilemma, where hesitation from investors to fund infrastructure due to the low number of EVs on the roads meets consumers’ reluctance to buy EVs owing to insufficient charging options.
EVIQ aims to break this cycle by installing over 5,000 fast chargers across 1,000 locations in the Kingdom by 2030.
Collaboration and Expansion
EVIQ is not just about installing chargers; it’s about fostering an ecosystem. This involves collaborating with real estate companies, vehicle manufacturers, and government entities.
The intent is to ensure new developments consider EV infrastructure and to encourage existing locations to start thinking about electrification.
This approach will make the market more attractive for private sector investment and adoption rates more predictable.
Industry Growth and Opportunities
The global shift towards electrification indeed presents a plethora of vast opportunities for growth. Consequently, many automotive companies are moving towards 100% electrification, which unmistakably indicates a diminishing future for fuel vehicles.
This evolving global trend subsequently opens numerous doors for various players within the Kingdom, particularly in manufacturing, maintenance, and installation sectors, thereby expanding the EV sector significantly.
Infrastructure Development
EVIQ’s strategy involves working with local companies for installation and maintenance, seen as the key aspects of building a robust EV infrastructure.
Projects are being outlined for various types of charging, including destination, inner-city, and intercity, to ensure broad coverage across the Kingdom.
However, EVIQ does not intend to cover the entire market’s needs single-handedly, highlighting the opportunity for further investment and development in this sector.
Educating, Changing Perceptions
EVIQ is also focused on changing consumer habits and addressing misconceptions about EVs, particularly around charging times and efficiency.
Gazzaz shares his personal experience, emphasizing the habit change needed for EV usage compared to fuel vehicles. This educational aspect is vital for accelerating EV adoption.
Advancing Technology
Recognizing the rapid growth of electric vehicle (EV) technology, EVIQ is proactively creating a research and development facility. This strategic move aligns with the advancements in EV technology, specifically focusing on enhancing charging speeds and vehicle efficiency.
As the market sees an influx of more EV models, EVIQ is anticipating a corresponding rise in EV usage.
Under the adept guidance of Mohammad Bakr Gazzaz, EVIQ is emerging as a pioneer in developing Saudi Arabia’s EV infrastructure.
The company is not only tackling the current challenges but is also harnessing numerous opportunities for growth and collaboration.
By doing so, EVIQ is laying a strong foundation for a sustainable, electric future in the Kingdom, which is in harmony with Saudi Arabia’s long-term environmental and economic goals.
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