The PIF launches the electric vehicle infrastructure company which aims to deliver the best electric vehicle charging infrastructure across Saudi Arabia with over 5,000 fast chargers at over 1,000 locations by 2030.
A Strategic Collaboration
The PIF, one of the world’s largest and most influential sovereign wealth funds, will be the majority shareholder of the newly formed company, holding a 75% stake. The remaining 25% will be owned by the SEC, the nation’s leading provider of electric power.
The Mission: A Robust EV Infrastructure
The new company’s ambitious undertaking is to deliver best-in-class EV fast-charging infrastructure across Saudi Arabia. The plan is to establish a robust presence in more than 1,000 locations, deploying over 5,000 fast chargers by 2030.
These charging stations will be strategically installed in cities and on major roads, conforming to all applicable regulations and standards.
Accelerating EV Adoption
This initiative is expected to unlock the local automotive ecosystem and speed up the adoption of electric vehicles.
Moreover, the company aims to encourage private sector participation in the expansion of its EV network and engage in the localization of research and development, as well as the manufacturing of technologically advanced materials, boosting domestic expertise.
The Vision: A Leader in the Electrified Era
Through this venture, PIF and SEC envision Saudi Arabia as a leader in the new electrified era of the automotive industry.
Omar Al-Madhi, co-head of MENA Direct Investments at PIF, shared his insights on the strategic importance of the Electric Vehicle Infrastructure Company in accelerating the EV transition in Saudi Arabia.
The Commitment: Enhancing Saudi Arabia’s Position
The company’s commitment is not just to the development of the EV ecosystem, but also to enhancing Saudi Arabia’s position as a sustainable energy leader.
This initiative aligns with the Kingdom’s broader efforts to promote advanced energy solutions and increase the value added by the energy sector.
New Jobs and Economic Growth
The launch of the Electric Vehicle Infrastructure Company will further Saudi Arabia’s economic diversification efforts, driving non-oil GDP growth and creating new jobs. Being a part of Saudi Arabia’s Vision 2030, the company is expected to contribute significantly to the nation’s economic transformation and diversification.
A Pivotal Milestone
The establishment of the Electric Vehicle Infrastructure Company is a pivotal milestone in PIF’s strategy to expand Saudi Arabia’s automotive capabilities. It aligns closely with PIF’s existing stakes in Lucid and Ceer Motors, amplifying the breadth of Saudi Arabia’s automotive and mobility value chain.
Attracting Further Investments
The company’s strategic plan is expected to attract further investments in the sector and the wider economy. With a focus on enhancing the country’s competitiveness on the world stage, PIF is determined to position Saudi Arabia as a global leader in the automotive industry.
A Promising Future
With the launch of the Electric Vehicle Infrastructure Company, the future of EVs in Saudi Arabia looks promising.
As the country gears up to accelerate the growth of the EV ecosystem, it is clear that Saudi Arabia is making significant strides towards becoming a leader in the electrified era of the automotive industry.
In conclusion, the launch of the Electric Vehicle Infrastructure Company by PIF and SEC is a significant step towards transforming Saudi Arabia into a global destination for electric vehicles.
With the establishment of a robust EV infrastructure, the company is set to play a crucial role in ushering in a new era of electrified mobility in Saudi Arabia, marking a new chapter in the Kingdom’s journey towards a sustainable future.
A Pivotal Milestone
The establishment of the Electric Vehicle Infrastructure Company showcases PIF’s strategy to broaden Saudi Arabia’s automotive horizons. This aligns closely with PIF’s stakes in Lucid and CEER Motors, enriching Saudi Arabia’s automotive and mobility value chain.
Both Lucid, a high-performance electric vehicle manufacturer, and CEER Motors, an innovator in electric mobility solutions, are pivotal in driving the electric vehicle narrative forward in the region.
Attracting Further Investments
The strategic foundation laid by this new venture is poised to attract further investments in the automotive sector and the wider economy.
With Lucid and CEER Motors as exemplary investments, PIF aims to enhance Saudi Arabia’s competitiveness globally.
This initiative underscores Saudi Arabia’s intent to evolve as a global frontrunner in the electrified era of the automotive industry.
