According to the state news agency (SPA), Saudi Arabia’s crown prince Mohammed bin Salman has launched Ceer, the country’s first electric vehicle brand, which is scheduled to be on sale in 2025.
According to SPA, Ceer will draw more than $150 million in foreign direct investment and is expected to directly contribute $8 billion to the GDP of the country by 2034.
According to the Saudi Press Agency, the launch is consistent with Saudi PIF’s policy to concentrate on maximizing the potential of locally attractive industries that may propel economic diversification and assist in achieving Vision 2030 goals.
Additionally, the business will support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability to combat the effects of climate change, according to SPA.
According to the company, Ceer will develop, build, and sell a variety of vehicles for customers in Saudi Arabia and the MENA area, including sedans and sports utility vehicles. Ceer becomes the first Saudi automotive brand to create electric vehicles in Saudi Arabia.
Ceer will draw over $150 million in foreign direct investment and generate up to 30,000 direct and indirect jobs as part of PIF’s plan to expand Saudi Arabia’s GDP development by investing in attractive emerging industries. According to the news agency, Ceer is anticipated to directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
The company, a partnership between PIF and Hon Hai Precision Industry Co. (often known as “Foxconn”), will obtain a component technology license from BMW for use in the creation of vehicles. The electrical architecture of the vehicles will be developed by Foxconn, resulting in a line-up of products that will set the bar for infotainment, connection, and autonomous driving technology.
The highest international automotive quality control and safety standards shall be followed in the design, production, and testing of every car in Saudi Arabia.
According to Young Liu, chairman of Hon Hai Technology Group, “Foxconn is enthusiastic about our relationship with PIF to build a new automotive company that will focus on designing and producing electric vehicles in and for Saudi Arabia.”
“To support Ceer’s aim of developing a line of iconic electric vehicles based around the concepts of connectivity, infotainment, and autonomy, we will make use of Foxconn’s technological competence. Ceer will do this in Saudi Arabia and the rest of the region by bringing electric vehicles into the mainstream.