His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, the Public Investment Fund (PIF) and the Prime Minister announced the launch of Ceer, the first Saudi electric vehicle brand that will support Saudi Arabia’s automotive manufacturing industry. The launch is consistent with PIF’s policy to concentrate on maximizing the potential of locally promising industries that can propel economic diversification and assist in achieving Vision 2030 goals. Additionally, the business will support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability in order to mitigate the effects of climate change.
His Royal Highness Crown Prince Mohammed bin Salman made the statement “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.”
In addition to designing, manufacturing, and selling a variety of cars for customers in Saudi Arabia and the MENA area, including sedans and sports utility vehicles, Ceer is the first Saudi automotive company to build electric vehicles in Saudi Arabia. Ceer will draw over US$150 million in foreign direct investment and generate up to 30,000 direct and indirect jobs as part of PIF’s plan to diversify Saudi Arabia’s GDP development by investing in attractive emerging industries. By 2034, it is anticipated that Ceer will directly contribute $8 billion to Saudi Arabia’s GDP.
The company, a collaboration between PIF and Hon Hai Precision Industry Co. (often known as “Foxconn“), will obtain a component technology license from BMW for use in the manufacturing of vehicles. The electrical architecture of the vehicles will be developed by Foxconn, resulting in a line-up of goods that will set the bar for infotainment, connection, and autonomous driving technology. The highest international automotive quality control and safety standards shall be followed in the design, production, and testing of every car in Saudi Arabia. In 2025, Ceer vehicles should be accessible.
Chairman of Hon Hai Technology Group, Young Liu made the statement “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 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.”
Saudi Arabia revealed last month that it plans to export 150,000 EVs by 2026. It was first assumed it would primarily come from Lucid or possibly other existing EV companies that were seeking to invest in the nation. But Saudi Arabia has the plans to contribute to the export through its own brand.
