Saudi Arabia’s Electrifying Leap: Launching Eviq for Electric Vehicle Infrastructure
Saudi Arabia’s Public Investment Fund (PIF) and Saudi Electricity Company (SEC) have established a new electric vehicle (EV) infrastructure company, Eviq. This groundbreaking initiative aims to set up 5,000 fast chargers across the kingdom by 2030. The venture, owning 1,000 locations nationwide, reflects the kingdom’s commitment to developing a robust local automotive ecosystem in collaboration with EV companies.
Electric Vehicle: Driving the EV Transition
Omar Al-Madhi, co-head of Mena direct investments at PIF, stated that Eviq would spearhead Saudi Arabia’s transition to electric vehicles. The partnership with SEC would accelerate the creation of synergies across the EV supply chain, fostering economic growth and diversification. This aligns with Saudi Arabia’s Vision 2030, aiming to position the kingdom as a leader in the electrified era of the automotive industry.
Global and Local Market Dynamics
The global EV industry is witnessing exponential growth, with the market projected to surge to about $1.6 trillion by 2030. Saudi Arabia, the Arab world’s largest economy, is strategically focusing on building its domestic EV market. This initiative is part of the broader Vision 2030 strategy to diversify the economy away from oil and enhance local manufacturing sectors.
Launch of Saudi’s First EV Brand
In a significant move last year, the PIF launched Ceer, Saudi Arabia’s first electric vehicle brand. Ceer aims to attract substantial foreign investment, create thousands of jobs, and design, manufacture, and sell various vehicles, including sedans and SUVs. By 2025, Ceer vehicles are expected to be available, contributing significantly to Saudi Arabia’s economy by 2034.
Electric Vehicle: Collaboration with International EV Makers
Lucid Group, a luxury EV maker, recently opened its first international manufacturing plant in Saudi Arabia. Backed by the PIF, this facility near Jeddah is anticipated to produce 155,000 electric vehicles annually. The collaboration with international EV makers like Lucid Group is part of Saudi Arabia’s strategy to boost automotive capabilities. It is also aims gain global leadership in the industry.
