KSA is ramping up its EV charging infrastructure: Saudi Arabia’s sovereign wealth fund the Public Investment Fund (PIF) and the Saudi Electricity Company (SEC) have launched the Electric Vehicle Infrastructure Company to expand fast-charging infrastructure across the kingdom, according to a statement. PIF will own a majority 75% stake in the newly-formed company while SEC will hold the remaining 25%, the statement notes.

What we know: The new company will set up over 5k fast chargers in over 1k locations in cities across the country, according to the statement. It will also explore collaboration with EV companies by providing required charging stations to meet future demand and “promote private sector participation in the development of its network of charging stations and support the localization of R&D and manufacturing of technologically advanced materials.”

KSA is all in for EVs: EV maker Lucid Group — which is backed by the PIF — inaugurated its first overseas production facility late last month in Jeddah’s King Abdullah Economic City after obtaining the operating license for its manufacturing unit. The Advanced Manufacturing Plant will contribute to Saudi Arabia’s target of having EVs make up 30% of new car sales in the kingdom by 2030. Earlier this year, the kingdom’s first EV brand Ceer — a JV between PIF and Taiwanese multinational electronics contract manufacturer Hon Hai Precision Industry Company (Foxconn) — received a manufacturing license from KSA’s Ministry of Industry and Mineral Resources last June for its planned EV production plant in KAEC.