Ceer is a joint venture between the Public Investment Fund (PIF) and Hon Hai Precision Industry (Foxconn)
Saudi Arabia has launched its first electric vehicle (EV) brand, Ceer, which will be a joint venture (JV) between the country’s Public Investment Fund (PIF) and Taiwan-based Hon Hai Precision Industry (Foxconn).
The EV brand was launched by Saudi Arabia Crown Prince and Prime Minister Mohammad bin Salman bin Abdulaziz, who is also the chairman of PIF.
Mohammed bin Salman said: “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.”
Ceer will design, produce, and sell a range of vehicles in Saudi Arabia. The EVs include sedans and sports utility vehicles for consumers in Saudi Arabia and the Middle East and Northern Africa (MENA) region.
The new EV brand is expected to bring more than $150m of foreign direct investment, and generate up to 30,000 direct and indirect jobs. Ceer is also anticipated to directly contribute $8bn to the gross domestic product (GDP) of Saudi Arabia by 2034.
The Saudi EV company will be licensing component technology from German luxury vehicles company BMW, which will be used in the vehicle development process.
Foxconn’s role will be to build the electrical architecture of the vehicles and each EV will be designed and manufactured in Saudi Arabia.
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 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.”
Ceer is also expected to support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability to address the impact of climate change. Its vehicles are anticipated to be available in 2025.