RIYADH: Saudi Arabia’s Crown Prince Mohammed bin Salman on Thursday launched Ceer, the first Saudi electric vehicle brand.
Ceer is the first Saudi automotive brand to produce electric vehicles in the Kingdom, and will design, manufacture, and sell a range of vehicles including sedans and sports utility vehicles for consumers in Saudi Arabia and the Middle East and North Africa region, Saudi Press Agency reported.
The brand will contribute to Saudi Arabia’s automotive manufacturing sector and its launch is in line with the Saudi Public Investment Fund’s strategy focussing on unlocking the capabilities of sectors locally to help diversify the economy.
The company will also contribute to Saudi efforts toward reducing carbon emissions and driving sustainability to address the impact of climate change.
“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 economic growth in line with Vision 2030,” Prince Mohammed said.
Part of PIF’s strategy to diversify Saudi Arabia’s gross domestic product 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, SPA said.
The company, which is a joint venture between PIF and 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.
Each vehicle will be tested to the highest global automotive quality control and safety standards. Ceer vehicles are scheduled to be available in 2025.