Less than a month ago, Saudi Arabia announced that the country will manufacture and export over 150,000 electric cars in 2026. And taking a step toward this goal, KSA’s Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF), launched Ceer, the first Saudi electric vehicle brand that will contribute to Saudi Arabia’s automotive manufacturing sector.
The sovereign wealth said that the EVs will be manufactured under a joint venture with Apple supplier Foxconn to ignite “a new industry and an ecosystem that attracts international and local investments, creating job opportunities for local talent.”
Contributing to increasing Saudi Arabia’s GDP over the next decade, Ceer will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.
Foxconn will develop the electrical architecture of the vehicles with license component technology from BMW. “We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region,” Foxconn Chairman Young Liu said.
The homegrown EV brand is projected to directly contribute $8 billion to Saudi Arabia’s GDP by 2034, attract over $150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs.
Saudi Arabia has pledged to adopt 100% electric cars by 2060, with Riyadh committing to 30% by 2030.
Ceer’s launch comes shortly after Lucid Motors Company, one of the major electric vehicle manufacturers, revealed that it intends to manufacture 150,000 electric cars annually in Saudi Arabia by 2027.
Fast Company’s World Changing Ideas comes to the Middle East on 23 November 2022. Click here to know more.
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