Saudi Crown Prince Launches Country’s First Electric Vehicle Brand
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Hashim Sheikh
- . November 4, 2022
- . Update: November 11, 2022 1:04 am
The Crown Prince of the Kingdom of Saudi Arabia (KSA), Mohammed bin Salman Al Saud, has launched Ceer, the country’s first electric vehicle brand, expected to be available in 2025.
According to the Saudi Press Agency (SPA), the first Saudi electric vehicle brand will attract over $150 million of foreign direct investment (FDI), which will lead to the country’s economic growth.
SPA further reported that Ceer will design, manufacture, and sell a wide range of vehicles, including sedans and sports utility vehicles for consumers in the Kingdom and the Middle East and North Africa (MENA) region.
Ceer is projected to directly contribute $8 billion to the country’s GDP (Gross Domestic Product) by 2034. The launch of the vehicle is in line with the Saudi Public Investment Fund’s strategy that focuses on improving the manufacturing sector of the country.
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Reportedly, the company, which is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), will also contribute to the country’s efforts toward reducing carbon emissions.
The Saudi Crown Prince reportedly said, “The Kingdom is not just building a new automotive brand, we are creating an ecosystem that attracts international and local investments and creates job opportunities for people.”
According to the Saudi Crown Prince, the launch of the brand is part of PIF’s strategy to drive economic growth in the country in line with Saudi Vision 2030. The country aims to reduce its dependence on oil, diversify its economy, and develop public service sectors with Saudi Vision 2030.
The company aims to create up to 30,000 direct and indirect jobs. PIF will license component technology from BMW for use in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles.
Chairman of Hon Hai Technology Group, Young Liu, said, “Foxconn is excited about our partnership with PIF.”
