Strategic Partnership with BYD, a subsidiary of Al-Futtaim, for Electric Mobility to Install Fast Charging Stations at Multiple Locations Across the Kingdom

EVIQ, the electric vehicle infrastructure company, has signed a strategic partnership agreement with BYD, a subsidiary of Al-Futtaim for electric mobility, aimed at installing fast-charging stations at multiple locations across the Kingdom.

Details:

In a significant step to support the future of electric mobility in the Kingdom of Saudi Arabia, EVIQ, a joint venture between the Public Investment Fund (PIF) and Saudi Electricity Company (SEC), announced the signing of a Memorandum of Understanding (MoU) with Al-Futtaim for electric mobility, the official representative of BYD, a leading Chinese electric vehicle manufacturer.

This strategic partnership aims to accelerate the adoption of electric vehicles (EVs) in Saudi Arabia by combining EVIQ’s expertise in developing fast-charging infrastructure with BYD’s growing customer base in the Kingdom. The partnership will also involve the deployment of fast-charging stations across the Kingdom at BYD Al-Futtaim locations, in addition to offering customized charging packages for BYD vehicle owners, ensuring a seamless and convenient charging experience.

This move aligns with Saudi Vision 2030, which targets 30% of vehicles in Riyadh to be electric by 2030.

The partnership underscores BYD’s position as a global leader in electric vehicles, having sold approximately 4.27 million new energy vehicles in 2024, surpassing Tesla.

According to a report from PwC, Saudi Arabia has allocated $39 billion to build a comprehensive electric vehicle ecosystem, including $18 billion for EV manufacturing, $9 billion for batteries, and $12 billion for semiconductors. These investments are expected to attract $150 million in foreign direct investments and contribute $8 billion to the GDP by 2034, in addition to creating more than 30,000 new jobs.

EVIQ is leading this transformation, with plans to install over 5,000 chargers across the Kingdom by 2030. Its research and development facility in Riyadh, the first of its kind in the region, will play a key role in testing and improving technologies for the local market.

Statements from Officials:

Mohammed Ghazaz, CEO of EVIQ, stated: "Our partnership with BYD Al-Futtaim for electric mobility marks a milestone in transforming the transportation landscape in Saudi Arabia. By combining our expertise in fast-charging infrastructure with BYD’s innovations in electric mobility, we aim to provide an unmatched charging experience for electric vehicles, contributing to the Kingdom’s sustainability goals and the Vision 2030 agenda."

On his part, Badr Khojandi, General Manager of BYD in Saudi Arabia, said: "Strategic collaborations like this are key to shaping a greener, more sustainable future for Saudi Arabia. Together, we aim to enable the adoption of electric vehicles through accessible, efficient, and high-quality charging solutions across the Kingdom."