{"id":84515,"date":"2024-03-19T00:00:00","date_gmt":"2024-03-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/an-in-depth-look-at-the-kingdoms-ev-ambitions\/"},"modified":"2024-03-19T00:00:00","modified_gmt":"2024-03-19T00:00:00","slug":"an-in-depth-look-at-the-kingdoms-ev-ambitions","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/ksa\/2024\/03\/19\/an-in-depth-look-at-the-kingdoms-ev-ambitions\/","title":{"rendered":"An in-depth look at the Kingdom\u2019s EV ambitions"},"content":{"rendered":"

The Kingdom is investing heavily in green mobility \u2014 with no sign of <\/strong>a slow<\/strong>down: <\/strong>Sustainable transport has a buzzword in Saudi Arabia over the past couple of years, with the Public Investment Fund (PIF) lining up funds toward decarbonizing the mobility sector through establishment of the inaugural national electric vehicle brand<\/a> Ceer, and investments in US-headquartered Lucid Motors<\/a>, and Aston Martin, to name a few.<\/p>\n

US interest in EVs may be coming down from its covid-era high<\/strong>, but the PIF is long-EVs. <\/p>\n

The masterplan: <\/strong>The Kingdom has set a target to minimize its carbon footprint and source 50% of its electricity from renewable sources, in part to help fuel the growth of its domestic electric vehicle industry. During COP27, Saudi Arabia joined the Accelerating to Zero Coalition<\/a>, committing to net-zero new car and van sales by 2040. The fund also set a target to produce 500k EVs annually<\/a> by 2030, up from a target of 150k in 2026. Riyadh wants to have EVs comprise <\/strong>a third<\/a> <\/strong>of its cars earlier in 2030. <\/strong><\/p>\n

A spending spree: <\/strong>PIF alongside Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (better known as Foxconn, the assembler of iPhones) et up Ceer in 2022 and expect to complete works at its USD 96 mn, one mn sqm EV complex in King Abdullah Economic City within two years. The company is expected to contribute USD 8 bn to GDP by 2034 and to be a magnet for more than USD 150 mn in foreign direct investment. Ceer\u2019s EVs are expected to hit the market in 2025. <\/p>\n

All part of the Kingdom\u2019s diversification strategy:<\/strong> Lucid CEO Peter Rawlinson said last<\/a>month<\/a> that the company is \u201ccrucial\u201d to Saudi as one of the cornerstones of the Kingdom\u2019s economic diversification program. \u201cWe\u2019re in this together for the long run. Nobody wants this more than Saudi Arabia. \u2026 This is like a marriage.\u201d <\/p>\n

Building big things takes time: <\/strong>Lucid saw its net loss for 2023<\/a> come in at USD 2.8 bn, more than double the USD 1.3 bn it lost the year before. Revenues dipped 2% y-o-y to USD 595 mn in 2023. For the fourth quarter, the automaker\u2019s losses came in at USD 654 mn, against USD 473 mn in the comparable period.<\/p>\n

An EV-focused investment arm: <\/strong>The PIF, in October 2023, established a new investment<\/a>company<\/a> focused on EVs dubbed Tasaru Mobility Investments in a bid to strengthen the local supply chain for electric and autonomous vehicles. <\/p>\n

Breaking ground on some milestones: <\/strong>The Saudi National Automobiles Manufacturing Company (SNAM) signed a partnership agreement<\/a> last year with South Korean automaker KGM Mobility \u2014 formerly known as SsangYong Motor \u2014 to manufacture KGM\u2019s all-electric Torres EVX SUV here at home. Meanwhile, Lucid inaugurated<\/a> in September 2023 its first overseas production facility in King Abdullah Economic City with a plan to produce 155k EVs yearly in the Kingdom once it hits full capacity here next year.<\/p>\n

Charging stations: <\/strong>The Kingdom established the Electric Vehicle Infrastructure Company (EVIQ) in October 2023<\/a> to expand fast-charging infrastructure across the kingdom, and opened<\/a> its first fast EV charging stations in Riyadh in January 2024. The company aims to set up over 5k fast chargers in over 1k locations in cities across KSA and unrolled the kingdom\u2019s first testing and software center for EVs.<\/p>\n

What\u2019s next? <\/strong>PIF is also eyeing a USD 250 mn stake<\/a> in Chinese electric car manufacturer Human Horizons. The agreement was expected to be hammered out last year, with whispers of PIF\u2019s intention to buy into the Shanghai-based firm at a USD 3 bn valuation.<\/p>\n","protected":false},"excerpt":{"rendered":"

Riyadh wants to have EVs to comprise a third of its cars by 2030<\/p>\n","protected":false},"author":1,"featured_media":84516,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2641],"tags":[1408,39,10,218,2700,154],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-84515","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-ceer","tag-enterprise-explains","tag-enterpriseam-ksa","tag-evs","tag-lucid","tag-pif","wpautop","entry"],"acf":{"mongo_id":"f404ca54-5773-400a-9629-22350d432b0d","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/1613.jpg","photo_position":"above","homepage_title":"","full_issue_title":"An in-depth look at Saudi Arabia\u2019s EV ambitions","related_issue":[84504],"teaser":"Riyadh wants to have EVs to comprise a third of its cars by 2030","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.eb9ba550-21fa-4ebf-b548-3f929a0c4040.mp3"},"yoast_head":"\nAn in-depth look at the Kingdom\u2019s EV ambitions - 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