Saudi Crown Prince launches 1st Saudi electric vehicle brand.
Saudi Arabia’s crown prince Mohammed bin Salman also called as MBS has launched Ceer which is the first Saudi electric vehicle brand.
The sale of vehicles is expected to be available in 2025, the state news agency (SPA) reported on Thursday.
Ceer will expectedly attract over $150 million of foreign direct investment. It will directly contribute $8 billion to the kingdom’s GDP by 2034, SPA further added.
The launch aligns with Saudi PIF’s strategy to focus on unlocking the capabilities of local sectors that can help drive the diversification of the Saudi economy. It will further help to achieve the objectives of Vision 2030, the Saudi Press Agency reported.
In addition, the electric vehicle company will contribute to Saudi Arabia’s efforts to reduce carbon emissions and drive sustainability to address the impact of climate change, SPA said.
Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia. It is supposed to design, manufacture and sell a range of vehicles for consumers in Saudi Arabia
The aim of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will create up to 30,000 direct and indirect jobs. This brand is projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”), will license component technology from BMW for use in the vehicle development process.
Each vehicle will not only be designed but also manufactured in Saudi Arabia; alongside it, it will be tested to the highest global automotive quality control and safety standards.
Saudi Crown Prince launches 1st Saudi electric vehicle brand
“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,” said Chairman of Hon Hai Technology Group Young Liu.
“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. We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region,” the chairman added.
