Saudi Crown Prince Mohammed bin Salman launched Ceer, the country’s first electric vehicle brand. The first electric vehicle from the brand is expected to be available starting in 2025. Ceer is expected to attract over $150 million of foreign direct investment.
The EV brand is expected to directly contribute $8 billion to the kingdom’s GDP by 2034. The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn). “The launch comes in line with the strategy of the Public Investment Fund (PIF) to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy, to help achieve the objectives of Vision 2030. In addition, the company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change,” SPA reported.
Ceer is the first Saudi automotive brand to produce electric vehicles in the Kingdom and will design and manufacture them. It can sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles, according to SPA.
Production
The Crown Prince said: “Saudi Arabia is not just building a new automotive brand, we are igniting a new industry and an ecosystem that attracts international and local investments, creates job opportunities for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade, as part of PIF’s strategy to drive the economic growth in line with Vision 2030.”
Chairman of Hon Hai Technology Group, Young Liu, said, “Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia… We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region.” The company is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”). It will license component technology from BMW for use in the vehicle development process, while Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity, and autonomous driving technologies, according to SPA. The company is meant to attract over $150 million of foreign direct investment into the Kingdom and create up to 30,000 direct and indirect jobs. It is also projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
