Ceer is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia and will design, manufacture and sell a range of electric vehicles in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.
Ceer is a joint venture between the Public Investment Fund (PIF) and Hon Hai Precision Industry (Foxconn) and 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 global automotive quality control and safety standards and the vehicles will be available in 2025.
“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,” Crown Prince Mohammed bin Salman said.
This comes as part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in growth industries, “Ceer is set to attract over $150 million of foreign direct investment and create up to 30,000 direct and indirect jobs and Ceer is projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034,” according to the press statement.
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