RIYADH – Saudi Arabia has launched the country’s first electric vehicle brand that will contribute to its automotive manufacturing sector.
Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF) Thursday unveiled the brand, “Ceer”.
The launch comes in line with PIF’s strategy to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy, to help achieve the objectives of Vision 2030, according to state-run Saudi Press Agency (SPA).
It will boost country’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.
Speaking on the occasion, Crown Prince 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 is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in the kingdom and the MENA region, including sedans and sports utility vehicles.
It is hopted that Ceer will attract over $150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs. Ceer is projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
Ceer is a joint venture between PIF and Hon Hai Precision Industry Co. (“Foxconn”) and it 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.
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.
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