EVIQ Launches Center for Development of EV Chargers in Riyadh
Electric Vehicle Infrastructure Company “EVIQ” launched a center for research and development of electric vehicle chargers in the city of Riyadh, reported The Saudi Post on X.
The center will also be used for testing and studying a range of charging devices and software to ensure the best-in-class equipment and software are used.
EVIQ CEO Mohammad Bakr Gazzaz said: “The launch of our R&D facility is a testament to our commitment to quality and sustainable development of the Kingdom’s EV infrastructure. Our state-of-the-art facility ensures that EVIQ remains at the cutting-edge of EV charging solution development, bringing users the optimal charging experience, and ensuring that every EV driver in Saudi Arabia has access to reliable and efficient charging solutions.
EVIQ press release also stated that the company plans to deploy 5000 chargers over 1000 strategic places by 2030, according to Saudi Gulf Projects.
PIF Invests in Electric Cars
The Saudi Public Investment Fund (PIF) is embarking on an ambitious journey to boost electric vehicles (EV) production. It targets the manufacture of 300,000 electric vehicles by 2030.
“In a collaborative effort, Public Investment Fund (PIF) and Pirelli S.P.A have launched a joint project. The project aims at establishing a tire manufacturing plant in the Kingdom,” said Saad Alkroud, senior advisor at PIF.
“The investment fund will own a 75% stake and Pirelli will hold the remaining 25%. This project exemplifies PIF’s broader investment vision,” added Alkroud in an interview with Al Arabiya Business.
Comprehensive Investments in EV Sector
PIF has taken a holistic approach towards investing in the electric cars sector, identifying it as a strategic domain. The fund commenced its investment journey in the electric vehicles EV sphere in partnership with Lucid. This came after announcements of collaboration with Hyundai.
It also invests in relevant industries as the vehicles sector needs all potential to increase production capacity.
Investing Across The Value Chain
Previously, PIF announced its investment into vehicle component manufacturing and investment in electric chargers.
Moreover, a partnership with Maaden was formed to invest in rare metals like lithium . This metal is pivotal for EV battery production.
Consequently, all these investments create an environment that attracts private sector investments and foreign direct investments.
With a portfolio spanning 13 sectors and having launched 90 companies serving these domains, PIF is paving the way for strategic partnerships with the private sector.
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