Saudi Crown Prince launches Ceer, Saudi’s first electric vehicle brand
HRH Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Public Investment Fund (PIF) has launched Ceer, Saudi Arabia’s first brand of electric vehicles in the automotive manufacturing sector in Saudi Arabia. The launch is part of PIF’s strategy to focus on unlocking the capacity of promising sectors locally that can help drive the diversification of the economy and help achieve the goals of Vision 2030. In addition, the new company will contribute to Saudi Arabia’s efforts towards carbon reducing emissions and promoting sustainability to deal with the impact of climate change.
His Royal Highness Crown Prince Mohammed bin Salman said: “Saudi Arabia is not just building a new car brand, we are launching a new industry and ecosystem that attracts international and local investment, creates job opportunities for local talent, enables the private sector, and helps increase Saudi Arabia’s GDP over the next decade, as part of the PIF’s strategy to drive economic growth in line with Vision 2030.”
Ceer is the first Saudi automobile brand to produce electric vehicles in Saudi Arabia. It will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the wider MENA region, including sedans and sport utility vehicles. As part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract more than $150 million in foreign direct investment and create up to 30,000 jobs. direct and indirect. Ceer is expected to directly add $8 billion to Saudi Arabia’s GDP by 2034.
The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (Foxconn), will license BMW’s component technology for use in the vehicle development process. Foxconn will develop the electrical architecture of vehicles, resulting in a leading product portfolio 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 automotive quality control and safety standards in the world. Ceer vehicles are expected to be available in 2025.