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To push further electric vehicles (EVs) adoption and grow the local automotive ecosystem through collaboration with EV companies, Saudi Arabia’s Public Investment Fund (PIF) has joined hands with the Saudi Electricity Company (SEC) to launch a new electric vehicle infrastructure company. PIF will own 75%, while SEC will hold a 25% stake in the new Electric Vehicle Infrastructure Company.

The company aims to establish a presence in more than 1,000 locations and install over 5,000 fast chargers by 2030 in the country via collaboration with EV companies, promoting private sector participation in the EV chargers infrastructure. 

Last month, US electric vehicle maker Lucid Group and the PIF launched in the kingdom its first international manufacturing plant in King Abdullah Economic City. The opening followed an agreement signed by the sovereign fund and EV company to buy up to 100,000 vehicles for over ten years.

PIF owns 60% percent of Lucid, with its investments reaching $5.4 billion since 2018.

Separately, last month, Energy Capital Group, a Saudi Arabian investment company, announced a partnership with US tech startup Pure Lithium to develop renewable batteries.

In June, the Saudi Ministry of Industry and Mineral Resources provided an industrial license to Ceer, the country’s first local automotive brand to produce EVs, to set up in KAEC’s Industrial Valley.