Saudi Arabia’s Public Investment Fund and Taiwan-based technology manufacturer Foxconn entered into a joint venture to develop and manufacture electric vehicles. Saudi Arabia’s foray into the global EV market is another step forward in its Vision 2030 goal to reduce its reliance on oil.
Saudi Arabia’s Crown Prince Mohammad bin Salman bin Abdulaziz and Prime Minister/Chairman of the Public Investment Fund (PIF) announced the launch of Ceer, a new electric vehicle brand. Ceer will significantly contribute to Saudi’s automotive manufacturing sector.
“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,’ note His Royal Highness Crown Prince Mohammed bin Salman.
Saudi Arabia’s PIF and Foxconn’s partnership hope to develop and manufacture a range of iconic electric vehicles. Ceer plans to develop sedans and sport-utility vehicles for the mass market. It aims to deliver the first Ceer EVs by 2025.
Foxconn will help develop Ceer’s infotainment, connectivity, and autonomous driving technologies. Ceer will also use component technology from BMW in its vehicles.
According to the Wall Street Journal, the Saudi government’s joint venture with Foxconn is a coup to draw foreign companies into the country. The PIF previously invested in Lucid to attract industrial firms to create a domestic supply chain in Saudi Arabia.
The PIF estimates that Ceer will attract over US$150 million foreign direct investment. The new EV brand is also projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034.
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