Saudi Arabia launches electric car brand

Foxconn, the world’s largest electronics manufacturer, will together with Saudi Arabia’s state investment fund PIF start a production of electric cars.

Ceer, as the electric car brand will be called, will be an attempt to diversify the country’s oil-dependent economy.

In 2025, deliveries of SUVs and sedans are supposed to begin.

Primarily, Saudi Arabia is referred to as an oil country. But the nation is working towards a future where it would be less dependent on oil – and that brings us to the launch of the country’s electric car brand: Ceer.

Behind the investment is Saudi Arabia’s state investment fund PIF (Public investment fund), which as recently as spring had upwards of 580 billion dollars in assets, and Foxconn. The latter Taiwanese company ranks as the world’s largest electronics manufacturer and will assist the Saudi Arabs with production know-how. To build its cars, it will license components from BMW.

Ceer will develop SUVs and sedans for the mass market. They will mainly be intended for North Africa and the Middle East, but other markets may also become relevant in the future. The goal is for deliveries to start sometime in 2025.

– Saudi Arabia is not only building a new car brand, but we are also bringing to life a new industry and a new ecosystem that attracts both international and local investors, creates job opportunities, enables the private sector and contributes to increasing Saudi Arabia’s GDP over the next decade, says the Saudi Prime Minister Mohammad bin Salman in a statement on Ceer’s website.

This will not be the first time that PIF has entered the electric car market. The investment fund has previously invested in the American car company Lucid Motors and owns over 61 percent of the shares in that company. The plan is also for Lucid to build a factory in Saudi Arabia that will manufacture electric cars.

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