Saudi Arabia Crown Prince Mohammad bin Salman bin Abdulaziz, who is also the Prime Minister and Chairman of the Public Investment Fund (PIF) announced the launch of Ceer, Saudi Arabia’s first electric vehicle brand. The launch of Ceer will contribute to the Kingdom’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.
PIF confirmed that it has partnered with Taiwanese tech giant Foxconn for the production of the new electric vehicle line. Foxconn is known for being Apple’s biggest iphone maker, but lately the company has made efforts to become a major producer of electric vehicles. The two parties also plan to license component technology from BMW for use in the vehicle development process
Ceer expects to deliver its first line of electric vehicles in 2025 and Saudi Arabia announced that the goal is to export 150,000 EV’s in 2026. It is hoped that the announcement of the new EV brand will attract over $150 million in investment and lead to the creation of up to 30,000 jobs. By 2034 Ceer is expected to contribute $8 billion to Saudi Arabia’s Gross Domestic Product (GDP).