Ceer is part of the Saudi Arabia's efforts to diversify its economy away from being oil-dependent. (Image credit: Ceer) Saudi Arabian crown prince Mohammed bin Salman announced the launch of Ceer, the country’s first electric vehicle brand on Thursday. Ceer will be a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Taiwanese electronics company Foxconn.
The joint venture company will license vehicle component technology from BMW for developing vehicles. These vehicles will be designed and manufactured in Saudi Arabia. A press statement from Ceer says that the first vehicles will be available in 2025.
Join us for a special event as we celebrate the launch of Saudi’s First Electric Vehicle Brand on the 9th of November 2022 at Riyadh BLVD from 6pm – 12am
Visit https://t.co/sQwkQD29D1 to learn more.#DrivingTheFuture pic.twitter.com/PbGPUbDSYc— Ceer (@ceer) November 6, 2022
According to Foxconn, Ceer aims to sell electric vehicles to customers in Saudi Arabia and the larger Middle East-North Africa region. This initiative is part of PIF’s efforts to diversify the country’s economy by investing in industries with promising growth.
The company hopes to attract $150 million in foreign direct investment to the country while creating 30,000 direct and indirect jobs. According to Foxconn, it is projected to contribute $8 billion to Saudi Arabia’s GDP by 2034.