Saudi Arabia’s Crown Prince Mohammad bin Salman has announced the launch of Ceer, Saudi Arabia’s first brand of electric vehicles that will contribute to Saudi Arabia’s car manufacturing sector, the official SPA news agency reported on Thursday.
“The launch is part of the Public Investment Fund (PIF) strategy to focus on unlocking the capacity of promising sectors locally that can help drive the diversification of the economy to help achieve the goals of Vision 2030. In addition, the company will contribute to Saudi Arabia’s carbon reduction and sustainable development efforts to address the impact of climate change,” SPA reported.
The Crown Prince said: “Saudi Arabia is not just building a new automotive brand; we are launching a new industry and ecosystem that attracts international and local investment, creates job opportunities for local talent, enables the private sector and contributes to growing Saudi Arabia’s GDP over the next decade, as part of PIF’s strategy to drive economic growth in line with Vision 2030.”
Ceer is the first Saudi car brand to produce electric vehicles in the Kingdom, and will design, manufacture and sell a range of cars for consumers in Saudi Arabia and the MENA region, including sedans and sport utility vehicles, according to SPA.
Each Ceer vehicle will be designed and manufactured in Saudi Arabia and will be available in 2025.
The company is expected to attract over $150 million in foreign direct investment to the Kingdom and create up to 30,000 direct and indirect jobs. It is also expected to contribute $8 billion directly to Saudi Arabia’s GDP by 2034.
The company is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”). It will license BMW’s component technology for use in the vehicle development process. At the same time, according to SPA, Foxconn will develop the electrical architecture of vehicles, resulting in a portfolio of products that will lead in infotainment, connectivity and autonomous driving technologies.
Hon Hai Technology Group Chairman Young Liu said, “Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia. We want to generalize electric cars, and that’s what Ceer will achieve in Saudi Arabia and the wider region.