The Saudi Arabia government has launched the first Saudi electric vehicle (EV) brand: Ceer, a joint partnership between the nation’s Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), a Taiwanese electronics products provider. .
Ceer will design, manufacture and sell a range of vehicles, including sedans and sports utility vehicles, in Saudi Arabia and the Middle East and North Africa region.
Expected to attract more than US$150 million of foreign direct investment, Ceer will create up to 30,000 direct and indirect jobs, according to a government spokesperson. The company is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034.
The company will license component technology from BMW for use in the vehicle development process. Foxconn will develop the vehicles’ electrical architecture. Each vehicle will be designed, manufactured and tested in Saudi Arabia. The first Ceer vehicles are scheduled to be available in 2025.
The PIF aims to develop the capabilities of promising sectors locally that can help drive the Saudi Arabian economy’s diversification and contribute to country’s efforts towards carbon emissions reduction and driving sustainability.
“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,” said His Royal Highness Crown Prince Mohammed bin Salman, Saudi prime minister and PIF chairman.
“We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region,” said Young Liu, Foxconn chairman.