Saudi Arabia records $2.8bn insurance expenditure in October

RIYADH: Saudi Arabia’s electric vehicle infrastructure has a new identity, with its core company responsible for building EV charging stations in the Kingdom getting a brand name. 

The Electric Vehicle Infrastructure Co. will promote fast-charging points across the Kingdom as the EVIQ, says an official statement.

EVIQ, a joint venture between the Public Investment Fund and the Saudi Electricity Co., plans to install over 5,000 fast chargers across 10,000 locations across the Kingdom. 

While the PIF owns a 75 percent stake in the EV infrastructure company, the SEC holds the remaining 25 percent. 

“Electric cars are the future of transportation, and we observe a widespread and growing interest in electric vehicles among Saudi consumers,” said EVIQ CEO Mohammed Bakr Qazzaz in a statement. 

He added: “EVIQ will provide a network of fast and reliable charging points for electric vehicles throughout the Kingdom, laying the groundwork for increased electric vehicle usage within the community.” 

EVIQ’s goal is to build a strong foundation for the sector, increasing the adoption of EVs among Saudis and making the industry more attractive to investors. 

“By offering a national network of dependable and fast-charging stations, EVIQ aims to bridge this gap and empower drivers in the Kingdom to purchase and use electric vehicles confidently,” said Qazzaz.  

He added: “We will work to make EVIQ charging locations easy to identify and access, contributing to building confidence in the efficiency of electric vehicles and the supporting infrastructure.” 

With total Saudi investments in EV production expected to reach $50 billion over the next decade, the hope is that at least 30 percent of the vehicles on the road in Riyadh will be electric in the next seven years. 

“The Saudi public has a strong affinity for their cars. There’s so much enthusiasm for classic cars and for iconic car models,” a spokesperson for Ceer, Saudi Arabia’s first homegrown EV brand, told Arab News in March. 

“You can find battery electric vehicles on the streets of Dammam, Jeddah and Riyadh even though many brands don’t sell BEVs officially in Saudi Arabia today,” the spokesperson said, referring to fully electric vehicles with rechargeable batteries and no petrol engine.