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    SIE   DE0007236101


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143.59 EUR   +0.44%
02:20aSiemens Energy: EU green deal lacks details on implementation
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Siemens to supply electric vehicle chargers for Electromin's planned charging network in Saudi Arabia

11/24/2022 | 09:36am EST

Siemens agreed to supply Electromin, the e-Mobility unit of Saudi Arabia's lubricants and automotive services company Petromin, with electric vehicle (EV) chargers for its planned development of a Kingdom- and region-wide charging network.

The agreement will ensure supplies of Siemens' most advanced EV infrastructure technology for Electromin's network, including the ultra-fast Sicharge D chargers that use direct current and the smart VersiCharge AC wall or pole mounted units that run on alternating current. Electromin is also developing a consumer app that will allow users to locate public chargers, plan their route and book and pay for sessions.

'Electromin's eMaaS solutions are contributing to the development of the Saudi EV ecosystem, and this partnership with Siemens will allow us to provide the charging infrastructure and technology necessary to boost adoption of EVs in the Kingdom,' said Kalyana Sivagnanam, GCEO of Petromin Corporation and CEO Electromin. 'The rollout of EV charging points across Saudi Arabia is our first phase of a significant national strategy that extends to 2030 and beyond.'

'We look forward to working with Electromin on this important project that demonstrates our commitment to supporting sustainability programs in Saudi Arabia,' said Karim Mousa, Senior Vice President of eMobility for Siemens in the Middle East. 'Electric vehicles are the key technology to decarbonize road transport, and Siemens is proud to provide the infrastructure that accelerates the growth of EVs and contributes to the Saudi Green Initiative.'

Saudi Arabia, the world's biggest oil exporter, has committed to achieving net zero carbon emissions by 2060. The government wants three of every 10 vehicles in the Saudi capital Riyadh to be EVs by 2030. Globally, passenger electric cars are surging in popularity, and the Paris-based International Energy Agency estimates that 13% of new cars sold in 2022 will be electric.

Siemens Smart Infrastructure (SI) is shaping the market for intelligent, adaptive infrastructure for today and the future. It addresses the pressing challenges of urbanization and climate change by connecting energy systems, buildings and industries. SI provides customers with a comprehensive end-to-end portfolio from a single source - with products, systems, solutions and services from the point of power generation all the way to consumption. With an increasingly digitalized ecosystem, it helps customers thrive and communities progress while contributing toward protecting the planet. Siemens Smart Infrastructure has its global headquarters in Zug, Switzerland. As of September 30, 2021, the business had around 70,400 employees worldwide. Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.

In fiscal 2022, which ended on September 30, 2022, the Siemens Group generated revenue of EUR72.0 billion and net income of EUR4.4 billion. As of September 30, 2022, the company had around 311,000 employees worldwide. Further information is available on the Internet at www.siemens.com.


Christian S. Wilson

Siemens AG

T: +49 172 138 5608

E: christian_stuart.wilson@siemens.com

Mohammed Aly Sergie

Siemens in the Middle East

T: +971-56-411-2019

E: mohammed.aly-sergie@siemens.com

(C) 2022 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
SIEMENS AG -1.42% 142.96 Delayed Quote.10.27%
SIEMENS ENERGY AG -2.46% 18.625 Delayed Quote.5.97%
SIEMENS HEALTHINEERS AG -2.44% 52.72 Delayed Quote.12.82%
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Sales 2023 75 784 M 81 366 M 81 366 M
Net income 2023 6 391 M 6 862 M 6 862 M
Net Debt 2023 37 522 M 40 286 M 40 286 M
P/E ratio 2023 18,1x
Yield 2023 3,09%
Capitalization 113 B 122 B 122 B
EV / Sales 2023 1,99x
EV / Sales 2024 1,86x
Nbr of Employees 311 000
Free-Float 88,4%
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Mean consensus OUTPERFORM
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Last Close Price 142,96 €
Average target price 156,79 €
Spread / Average Target 9,67%
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Managers and Directors
Roland Emil Busch President & Chief Executive Officer
Ralf Peter Thomas Head-Corporate Finance, Accounting & Controlling
Jim Hagemann Snabe Chairman-Supervisory Board
Hanna Hennig Chief Information Officer
Bernhard Wardin Head-Technology & Innovation
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