Latest news with #EVinfrastructure
Yahoo
a day ago
- Automotive
- Yahoo
One of the world's top oil producers is making a push into electric vehicles
Electric vehicles are a common sight on roads across the world — but not everywhere. In Saudi Arabia, electric vehicles (EVs) account for just over 1% of overall car sales, according to PricewaterhouseCoopers' (PwC) 'eMobility Outlook 2024: KSA Edition,' published in September 2024. Globally, about 18% of all cars sold in 2023 were electric, according to the International Energy Agency. There are several roadblocks to the rollout of cleaner cars in the desert kingdom, but things are changing quickly. The Electric Vehicle Infrastructure Company (EVIQ) is at the forefront of that transformation. EVIQ was founded in late 2023 as a joint venture between the country's sovereign wealth fund — the Public Investment Fund (PIF) — and Saudi Electricity Company. By the end of 2023, there were around 285 public charging points in the country, according to the PwC report, mostly slow chargers. In January 2024, EVIQ opened its first fast charging station in the country's capital, Riyadh. By 2030, it plans to have 5,000 fast chargers installed across 1,000 locations. 'Very few people are willing to buy an electric vehicle without having the comfort of seeing infrastructure being available,' EVIQ CEO Mohammad Gazzaz, told CNN. 'We're paving the way.' Today, EVs are mostly purchased by people that 'can charge at home with their private wall boxes,' said Heiko Seitz, Global eMobility Leader, PwC Middle East, and an author of the eMobility report. A lack of charging stations isn't the only reason for the slow uptake of EVs in Saudi. In 2024 more than 60% of models available cost more than $65,000, according to PwC's report, while nearly 73% of gasoline-powered models cost less than that. Generous fuel subsidies mean a liter of gasoline, about a quarter of a gallon, currently costs Saudi drivers around 60 cents. EV batteries can struggle with the temperatures typical of a Saudi summer, and the additional energy needed for cooling them can significantly impact their charging speed and range. And the country is vast — just over a fifth of the size of the US — with the distance between its two largest cities more than 950 kilometers (almost 600 miles), longer than the average range of most EVs. But the country has ambitious plans for reducing its dependence on oil revenues and its carbon emissions. Oil accounted for 60% of government revenue in 2024, with crude oil and natural gas accounting for more than 20% of the country's GDP over the same period. It wants 30% of the cars in its capital Riyadh to be electric by 2030. But Saudi isn't just adopting EVs, it's 'building an entire industrial ecosystem' around them, said Seitz. The country is embracing 'eMobility as a strategic lever to decarbonize, diversify its economy, and localize manufacturing at scale.' That includes plans to become an EV manufacturing hub. PIF is the largest shareholder in the US-automaker Lucid, which in 2023 opened the first car manufacturing facility in the country. CEER, a joint venture between PIF and the Taiwanese company Foxconn, plans to launch its first Saudi-produced EV by 2026. And a joint venture between PIF and Hyundai has broken ground on a manufacturing plant in the country. Major EV producers are now selling in the country. China's BYD opened its first showroom there in May 2024, and in April, Tesla launched in Saudi Arabia. Seitz said the introduction of Chinese models is likely to help drive prices down. BYD's Saudi website lists its Atto 3 model with a starting price of approximately $27,000. More than 40% of Saudi consumers are considering purchasing an EV in the next three years, according to PwC. Today, there are EVIQ chargers in Riyadh and Jeddah. In April, the company rolled out its first highway EV charging station. 'It's still really foundational work,' said Gazzaz. He said that EVIQ is targeting 50 to 60 new charging sites this year, including in smaller cities like Mecca and Medina. By the end of 2026, Gazzaz anticipates that the country will have a 'minimum viable network.' 'We're not talking only tier-one, but even tier-two cities, and covering some of those main highways,' he said. 'Ultimately we're trying to cover about 70 to 80% of travel requirements across the Kingdom by 2026.' Gazzaz declined to share how much would need to be invested to reach the targets. Seitz said that the country's official target of 30% electric cars in Riyadh is likely to be met, but that 'an additional push' might be required to make EVs a mass product for the entire country. A survey published in May 2024 by Saudi Arabia's King Abdullah Petroleum Studies and Research Center, and University College London, concluded that large-scale uptake of EVs in Riyadh would likely require the government to introduce financial incentives such as VAT exemption for new vehicles, subsidized charging, and free installation of home chargers, 'at least in early stages of deployment.' The government says it has introduced some financial incentives and subsidies for EV buyers. Better infrastructure will help push forward the country's EV revolution, experts say. 'EV prices are falling, model options are growing, and government signals are clear — yet range anxiety remains,' said Seitz. 'Public charging is the main gap, and it's now a top priority to fix.'
CNN
a day ago
- Automotive
- CNN
One of the world's top oil producers is making a push into electric vehicles
Electric vehicles are a common sight on roads across the world — but not everywhere. In Saudi Arabia, electric vehicles (EVs) account for just over 1% of overall car sales, according to PricewaterhouseCoopers' (PwC) 'eMobility Outlook 2024: KSA Edition,' published in September 2024. Globally, about 18% of all cars sold in 2023 were electric, according to the International Energy Agency. There are several roadblocks to the rollout of cleaner cars in the desert kingdom, but things are changing quickly. The Electric Vehicle Infrastructure Company (EVIQ) is at the forefront of that transformation. EVIQ was founded in late 2023 as a joint venture between the country's sovereign wealth fund — the Public Investment Fund (PIF) — and Saudi Electricity Company. By the end of 2023, there were around 285 public charging points in the country, according to the PwC report, mostly slow chargers. In January 2024, EVIQ opened its first fast charging station in the country's capital, Riyadh. By 2030, it plans to have 5,000 fast chargers installed across 1,000 locations. 'Very few people are willing to buy an electric vehicle without having the comfort of seeing infrastructure being available,' EVIQ CEO Mohammad Gazzaz, told CNN. 'We're paving the way.' Today, EVs are mostly purchased by people that 'can charge at home with their private wall boxes,' said Heiko Seitz, Global eMobility Leader, PwC Middle East, and an author of the eMobility report. A lack of charging stations isn't the only reason for the slow uptake of EVs in Saudi. In 2024 more than 60% of models available cost more than $65,000, according to PwC's report, while nearly 73% of gasoline-powered models cost less than that. Generous fuel subsidies mean a liter of gasoline, about a quarter of a gallon, currently costs Saudi drivers around 60 cents. EV batteries can struggle with the temperatures typical of a Saudi summer, and the additional energy needed for cooling them can significantly impact their charging speed and range. And the country is vast — just over a fifth of the size of the US — with the distance between its two largest cities more than 950 kilometers (almost 600 miles), longer than the average range of most EVs. But the country has ambitious plans for reducing its dependence on oil revenues and its carbon emissions. Oil accounted for 60% of government revenue in 2024, with crude oil and natural gas accounting for more than 20% of the country's GDP over the same period. It wants 30% of the cars in its capital Riyadh to be electric by 2030. But Saudi isn't just adopting EVs, it's 'building an entire industrial ecosystem' around them, said Seitz. The country is embracing 'eMobility as a strategic lever to decarbonize, diversify its economy, and localize manufacturing at scale.' That includes plans to become an EV manufacturing hub. PIF is the largest shareholder in the US-automaker Lucid, which in 2023 opened the first car manufacturing facility in the country. CEER, a joint venture between PIF and the Taiwanese company Foxconn, plans to launch its first Saudi-produced EV by 2026. And a joint venture between PIF and Hyundai has broken ground on a manufacturing plant in the country. Major EV producers are now selling in the country. China's BYD opened its first showroom there in May 2024, and in April, Tesla launched in Saudi Arabia. Seitz said the introduction of Chinese models is likely to help drive prices down. BYD's Saudi website lists its Atto 3 model with a starting price of approximately $27,000. More than 40% of Saudi consumers are considering purchasing an EV in the next three years, according to PwC. Today, there are EVIQ chargers in Riyadh and Jeddah. In April, the company rolled out its first highway EV charging station. 'It's still really foundational work,' said Gazzaz. He said that EVIQ is targeting 50 to 60 new charging sites this year, including in smaller cities like Mecca and Medina. By the end of 2026, Gazzaz anticipates that the country will have a 'minimum viable network.' 'We're not talking only tier-one, but even tier-two cities, and covering some of those main highways,' he said. 'Ultimately we're trying to cover about 70 to 80% of travel requirements across the Kingdom by 2026.' Gazzaz declined to share how much would need to be invested to reach the targets. Seitz said that the country's official target of 30% electric cars in Riyadh is likely to be met, but that 'an additional push' might be required to make EVs a mass product for the entire country. A survey published in May 2024 by Saudi Arabia's King Abdullah Petroleum Studies and Research Center, and University College London, concluded that large-scale uptake of EVs in Riyadh would likely require the government to introduce financial incentives such as VAT exemption for new vehicles, subsidized charging, and free installation of home chargers, 'at least in early stages of deployment.' The government says it has introduced some financial incentives and subsidies for EV buyers. Better infrastructure will help push forward the country's EV revolution, experts say. 'EV prices are falling, model options are growing, and government signals are clear — yet range anxiety remains,' said Seitz. 'Public charging is the main gap, and it's now a top priority to fix.'
CNN
a day ago
- Automotive
- CNN
One of the world's top oil producers is making a push into electric vehicles
Electric vehicles are a common sight on roads across the world — but not everywhere. In Saudi Arabia, electric vehicles (EVs) account for just over 1% of overall car sales, according to PricewaterhouseCoopers' (PwC) 'eMobility Outlook 2024: KSA Edition,' published in September 2024. Globally, about 18% of all cars sold in 2023 were electric, according to the International Energy Agency. There are several roadblocks to the rollout of cleaner cars in the desert kingdom, but things are changing quickly. The Electric Vehicle Infrastructure Company (EVIQ) is at the forefront of that transformation. EVIQ was founded in late 2023 as a joint venture between the country's sovereign wealth fund — the Public Investment Fund (PIF) — and Saudi Electricity Company. By the end of 2023, there were around 285 public charging points in the country, according to the PwC report, mostly slow chargers. In January 2024, EVIQ opened its first fast charging station in the country's capital, Riyadh. By 2030, it plans to have 5,000 fast chargers installed across 1,000 locations. 'Very few people are willing to buy an electric vehicle without having the comfort of seeing infrastructure being available,' EVIQ CEO Mohammad Gazzaz, told CNN. 'We're paving the way.' Today, EVs are mostly purchased by people that 'can charge at home with their private wall boxes,' said Heiko Seitz, Global eMobility Leader, PwC Middle East, and an author of the eMobility report. A lack of charging stations isn't the only reason for the slow uptake of EVs in Saudi. In 2024 more than 60% of models available cost more than $65,000, according to PwC's report, while nearly 73% of gasoline-powered models cost less than that. Generous fuel subsidies mean a liter of gasoline, about a quarter of a gallon, currently costs Saudi drivers around 60 cents. EV batteries can struggle with the temperatures typical of a Saudi summer, and the additional energy needed for cooling them can significantly impact their charging speed and range. And the country is vast — just over a fifth of the size of the US — with the distance between its two largest cities more than 950 kilometers (almost 600 miles), longer than the average range of most EVs. But the country has ambitious plans for reducing its dependence on oil revenues and its carbon emissions. Oil accounted for 60% of government revenue in 2024, with crude oil and natural gas accounting for more than 20% of the country's GDP over the same period. It wants 30% of the cars in its capital Riyadh to be electric by 2030. But Saudi isn't just adopting EVs, it's 'building an entire industrial ecosystem' around them, said Seitz. The country is embracing 'eMobility as a strategic lever to decarbonize, diversify its economy, and localize manufacturing at scale.' That includes plans to become an EV manufacturing hub. PIF is the largest shareholder in the US-automaker Lucid, which in 2023 opened the first car manufacturing facility in the country. CEER, a joint venture between PIF and the Taiwanese company Foxconn, plans to launch its first Saudi-produced EV by 2026. And a joint venture between PIF and Hyundai has broken ground on a manufacturing plant in the country. Major EV producers are now selling in the country. China's BYD opened its first showroom there in May 2024, and in April, Tesla launched in Saudi Arabia. Seitz said the introduction of Chinese models is likely to help drive prices down. BYD's Saudi website lists its Atto 3 model with a starting price of approximately $27,000. More than 40% of Saudi consumers are considering purchasing an EV in the next three years, according to PwC. Today, there are EVIQ chargers in Riyadh and Jeddah. In April, the company rolled out its first highway EV charging station. 'It's still really foundational work,' said Gazzaz. He said that EVIQ is targeting 50 to 60 new charging sites this year, including in smaller cities like Mecca and Medina. By the end of 2026, Gazzaz anticipates that the country will have a 'minimum viable network.' 'We're not talking only tier-one, but even tier-two cities, and covering some of those main highways,' he said. 'Ultimately we're trying to cover about 70 to 80% of travel requirements across the Kingdom by 2026.' Gazzaz declined to share how much would need to be invested to reach the targets. Seitz said that the country's official target of 30% electric cars in Riyadh is likely to be met, but that 'an additional push' might be required to make EVs a mass product for the entire country. A survey published in May 2024 by Saudi Arabia's King Abdullah Petroleum Studies and Research Center, and University College London, concluded that large-scale uptake of EVs in Riyadh would likely require the government to introduce financial incentives such as VAT exemption for new vehicles, subsidized charging, and free installation of home chargers, 'at least in early stages of deployment.' The government says it has introduced some financial incentives and subsidies for EV buyers. Better infrastructure will help push forward the country's EV revolution, experts say. 'EV prices are falling, model options are growing, and government signals are clear — yet range anxiety remains,' said Seitz. 'Public charging is the main gap, and it's now a top priority to fix.'
Forbes
4 days ago
- Automotive
- Forbes
How Rational Is EV Fast Charging When Most Cars Are Parked All Day?
All the press is about fast charging stations, some of which are literally sited with gas stations ... More and run by oil companies There are many different views on how EV charging infrastructure should be built, and financed. Today, almost all discussion revolves around 'fast charging' at 50kW or more, which will usually refill a car in under an hour. This is due to the legacy of 'gasoline thinking.' For a century, we drove cars with gasoline around until the tank said 'E' and then looked for a place to fill-up, which took under 5 minutes. That's a good experience, and it's understandable why there's so much effort to duplicate it. The more important question is should we? Almost all news and investment activity in EV charging is around this gasoline fill-up problem. Faster chargers and more of them. 800v cars and chargers that can peak over 350kW. New battery designs that can get a usable charge in under 10 minutes. BYD's demo of a partial charge in just 5 minutes in China. Charging stations which look very much like gas stations in their placement and style. Everybody would like fast charging, all other things being equal. But they very much aren't equal. Fast charging is very expensive, and the faster it is the more expensive it is. Wiring in hundreds of kilowatts isn't likely to ever get cheap. 10 minute charges require a megawatt, and that's definitely not easy or cheap. Imagine having 10 chargers at a station. If you consider the inherent energy in gasoline, a gas pump delivers 20 megawatts. Per pump. (In reality, because gasoline cars are around 30% efficient, that's more like 6 megawatts worth, but it's still huge.) You're unlikely to ever duplicate that, or to want to pay the price to do it. Fast charging stations today use a lot of expensive electrical gear. Tesla is smart, and it costs them about $30,000/stall to put in their stations, while non-Tesla stalls only get put in thanks to very fat government subsidies, and routinely cost over $200,000 each. That means getting a charge at these fast stations is pricey. The cost is typically around 40 to 60 cents/kWh, while the average cost at home in the USA (which recently increased a lot) is 16.26 cents, though often under 10 cents at night, and even less for people who put in solar power. It's such a huge difference that while those who charge at home save large sums over what they used to spend on gasoline, fast charging stations can make your energy cost per mile be more than gasoline in a hybrid car. In addition, being expensive, it's precious. It has to go in far fewer locations, and generally one must leave the stall as soon as charging is done to make space for somebody else. So all other things are not equal. That's without counting the time spent waiting at these stations or detouring to them, compared to the home or office or hotel where you sleep or work while your car sits where it was already going to sit anyway. Office parking lots with solar panels nearby and slow charging for the cars that park there all day ... More are the biggest win The typical car is parked over 22 hours per day. And the average driver who drives 10,000 miles/year only needs to charge for under 2 hours/day, not at a fast charger, but at a slow 'level 2' one. In fact, it only needs to charge for 7 hours/day, on average, at on ordinary dedicated 120v household plug, called 'level 1.' Slow chargers are cheap. In fact, there's almost nothing in them, just a $5 computer, a switch, thick wires and a plug. The most expensive part is the wiring (if you want the Level 2.) Enough electricity is already present in almost every building in the world. Other than land cost, one can probably put in 50 to 100 slow chargers for the cost of a single CCS fast charging stall. In the ideal future of the EV transition, there's low cost, not particularly fast charging at just a subset of those parking locations cars spend just 2 to 8 of their 22 parked hours. Today, most EV drivers have that--over 80% of EV drivers can charge at home or work and never use fast charging in their home town, with very rare exceptions. If we can 'charge where we park, rather than park where there's charging' the EV experience becomes much better than the gasoline one in every way. When people ask me how long it takes to charge my EV, I tell them it takes less time than I spent getting gasoline in my last car. That's true at home, and it's almost true on road trips. It's hard to see wanting any other world. Yet many companies are building large EV gas stations hoping they can get in on being the 'gas station of the 21st century.' And today, they have customers, because there is a small cohort of EV drivers who can't charge at home or work, because they don't have a driveway, or don't own their home. But this is what we need to fix. All the subsidies and EV promotion laws should be aimed at trying to fix that, not at building EV versions of the gas station. Let's make it easy for apartments and condos to put in charging, and for tenants to demand it. Let's get curbside charging for streets where people don't have driveways and park on the street at night. Let's leave the gas-style EV stations for the few who can't get that. There's more good news. Under 20th century rules, many buildings could not add EV charging because they didn't have sufficient electrical service. New, smarter technologies (Disclaimer: I have investment in a company that provides this) allow any building to handle all its EVs without upgrading the electrical service. The Exceptions There are some cars that aren't parked 95% of the time. Professional drivers/cabs, and people on long intercity road trips. There are many types of road trips. In most, cars are still parked 10 hours at a hotel or other sleeping stop, and 1-2 hours for meals and breaks. For more leisurely road trips, they are parked many more hours at 'attractions' along the way. These cars also need much more charging during their day of long driving. Fast charging is needed, but it also should be located at the places people already stop, such as restaurants, some shops, and attractions. At restaurants, 100kW is more than enough for most--in fact, if it's too fast, you have to interrupt your meal to go move your car, because fast stations also don't let you sit idle after you are done. They're too expensive. The only cars that need really fast charging are those in a terrible hurry, who want to stop for a bathroom break every 2-3 hours and want to pick up 30-40kWh in the fastest time. (Most cars only charge fast when going from 0% to 50%.) If we build the world where there's EV charging in the places we already stop or park, the other needs are few. How many will pay large surcharges for 10 minute charges? Will they be enough market to justify building these cars and stations? Perhaps only if it gets cheaper. Most Uber drivers actually do under 300 miles/day, often under 200. If so, they'll need only a small amount of fast charging if they can get a cheap, slow 'sleep charge.' A short break, for lunch or otherwise, will keep them in place, as long as there is charging where they stop. Some Fleet vehicles (particularly heavier ones with shorter range) may want to run multiple shifts, or may need a larger recharge mid-shift. These do want their charging to be fast. If a fleet sees full utilization, and charging time is downtime, this is an instance where you want it to be as fast as possible. If utilization is not full, though, you just rotate vehicles so some are charging and others are working, and you don't need the charging to be as fast. The Future Tesla keeps promising their cars will fully drive themselves 'this year,' and has predicted that each year for almost a decade. But one thing that's actually coming is cars that can make short drives at off-peak times on quiet roads and in office complexes at low speeds. That's a car that can take itself to charging. as long as an attendant or robot (or the car itself, which is a robot) can plug it in. When that arrives, you no longer need charging where you park, you just need charging lots within a moderate distance of where you park. Cars needing a charge can slip off when their owner is asleep or working or staying for a while. Remember that the average car needs less than 2 hours of slow charging per day. Forget 'gasoline' thinking--this is a car that just is always charged as if by magic, with no electrical wiring, and very limited use of fast charging. Robotaxis, on the other hand, though able to drive to where they charge, actually do want faster charging to get back to work. Though in this case 25kW does the job--that is what Tesla has chosen for the CyberCab.
Yahoo
25-06-2025
- Automotive
- Yahoo
Ford Motor Company (F)'s CEO Should Be Worried, Says Jim Cramer
Ford Motor Company (NYSE:F) is one of the . Ford Motor Company (NYSE:F) is one of the biggest car manufacturers in America. Its shares are up by 9% year-to-date after having recovered all of their post-Liberation Day losses. Ford Motor Company (NYSE:F), like other car manufacturers, has seen several headwinds drag its shares down in 2025. The firm has suffered from investor worries about tariffs impacting its supply chain and costs, President Trump's EV policy rollbacks affecting infrastructure, and the continued burden of high warranty costs on Ford Motor Company (NYSE:F)'s income statement. Cramer has commented on all these factors in 2025. He believes the firm is better off than peer and rival GM on the tariff front but also believes that it could suffer from losses on EV infrastructure that's already been built. His recent remarks about Ford Motor Company (NYSE:F) saw the CNBC host maintain that the firm should continue to be worried about trade tensions despite other firms being nonchalant. Cramer commented: 'There's a little bit of a disconnect. If I were the CEO of Ford. . .I'd be worried.' In a previous appearance, Cramer commented on Ford Motor Company (NYSE:F) suffering from shifting US government policies on EV infrastructure: A close-up of an auto assembly line, revealing the complexity of the manufacturing process. 'I'm just very concerned about Ford. . . I just think that they, like many companies, built a lot of infrastructure, that was around, electric vehicles. They are under pressure.' While we acknowledge the potential of F as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an extremely cheap AI stock that is also a major beneficiary of Trump tariffs and onshoring, see our free report on the best short-term AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey.
