The EV brand, Ceer, will attract over $150m of foreign direct investment, and create up to 30,000 direct and indirect jobs
Saudi Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF) has announced the launch of Ceer, the kingdom’s first electric vehicle (EV) brand.
The company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and of driving sustainability to address climate change.
Ceer is the first Saudi automotive brand to produce electric vehicles in the kingdom. 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.
Ceer is expected to attract over $150m of foreign direct investment, and create up to 30,000 direct and indirect jobs. It is also projected to directly contribute $8bn to Saudi Arabia’s GDP by 2034. Designed and manufactured locally, Ceer cars are scheduled to be available in 2025.
“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,” said Crown Prince Mohammed bin Salman.
The company, which is a joint venture between PIF and Hon Hai Precision Industry, will license component technology from BMW for use in the vehicle development process, a statement said. Foxconn will develop the electrical architecture of the vehicles.
“We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy,” added chairman of Hon Hai Technology Group, Young Liu.
Source: Gulf Business