Riyadh – Sharikat Mubasher: Multiple global entities showed intentions to pump mega investments in the Saudi Electric Vehicles sector that include establishing charging stations and maintenance centers.
CEOs and experts from 5 local and global companies working in the sector stated that battery-powered vehicle numbers are expected to rise in the Kingdom to 400,000 by 2030, according to Asharq Business.
Heiko Seitz, Global eMobility Leader of PwC for business advisory thinks that the Saudi Public Investment Fund (PIF)’s future investments will lead to fast-paced leaps in the numbers of EVS hitting the roads in the Kingdom as it is expected to pump, along with its subsidiaries, around $35 billion starting now until 2025, aiming to innovate this futuristic industry completely.
Seitz also expects that sales of battery-powered vehicles will capture 30% of new car sales, to increase to 60% by 2035.
The PIF, in cooperation with the Saudi Electricity Company earlier launched The Electric Vehicle Infrastructure Company (EVIQ) to bring more than 5,000 chargers online across 1,000-plus strategic locations in the Kingdom.
Kalyana Sivagnanam, CEO of Petromin Group expected similar percentages as he stated that EVs are expected to make between 35% and 40% of sales by 2023, capped at between 350,000 and 40,000 units out of 1 million cars imported to Saudi Arabia on yearly basis.
Mark Noktin, CEO of Electromin Corp. also revealed that the company has plans to acquire and manage over 200 charging stations by the end of the current decade, adding that Electromin provides integrated solutions to such a vivid sector that includes selling chargers, managing its own network of charging centers, offering maintenance services to charging points, besides selling EV cars directly to consumers.
Notably, PIF acquired a 60% stake in the EV carmaker Lucid, which opened the first-ever car manufacturing facility in Saudi Arabia to produce Lucid’s groundbreaking electric vehicles in the Kingdom and export to other markets.
On the local side, Saudi Arabia launched Ceer, the nation’s first electric vehicle manufacturer, in November 2022 in a milestone initiative expected to foster technological advancements, and drive innovation, manufacturing, and job creation in the electric vehicle sector.