Riyadh, Saudi Arabia— Saudi Crown Prince Mohammad bin Salman bin Abdulaziz Thursday announced the launch of Ceer, the first Saudi automotive brand to produce electric vehicles in the kingdom.
Ceer will design, manufacture and sell a range of vehicles in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.
In a statement, the kingdom’s sovereign wealth fund PIF, said that a part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract over US$150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs.
Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, the statement said.
The company, which is a joint venture between PIF and Hon Hai Precision Industry (Foxconn), will license component technology from BMW for use in the vehicle development process.
Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies, the statement said.
Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards. Ceer vehicles are scheduled to be available in 2025.
PIF said the company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.
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.”
Chairman of Hon Hai Technology Group, Young Liu, said: “We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region.”