On Thursday, Saudi Crown Prince Mohammed bin Salman announced the launch of Ceer, the country’s first electric vehicle brand. Ceer will be a joint venture between the Public Investment Fund of Saudi Arabia (PIF) and the Taiwanese electronics company Foxconn.
BMW vehicle component technology will be licenced to the joint venture company for vehicle development. Saudi Arabia will design and manufacture these vehicles. According to a press release from Ceer, the first vehicles will be available in 2025.
Ceer intends to sell electric vehicles to customers in Saudi Arabia and the larger Middle East-North Africa region, according to Foxconn. This initiative is part of the PIF’s efforts to diversify the country’s economy by investing in promising growth industries.
The company hopes to attract $150 million in foreign direct investment while creating 30,000 direct and indirect jobs in the country. Foxconn estimates that it will contribute $8 billion to Saudi Arabia’s GDP by 2034.
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