Saudi Arabia’s crown prince Mohammed bin Salman has launched the first Saudi electric vehicle brand that will be expected to be available in 2025.
According to Saudi Press Agency Electric Vehicle company Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the kingdom’s GDP by 2034.
The launch comes in line with Saudi PIF’s strategy 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, the Saudi Press Agency reported.
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 said.
Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia. It said it will design, manufacture and sell a range of cars for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.
As part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract over $150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs. Ceer is projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034, the news agency added.
The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”), will license component technology from BMW for use in the vehicle development process. 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.
Each vehicle will be designed and manufactured in Saudi Arabia and tested to the highest global automotive quality control and safety standards.
