KSA's HRH Crown Prince Mohammed Bin Salman Launches Ceer, The First Saudi Electric Vehicle BrandAs the first Saudi automotive brand to produce EVs in the country, Ceer will design, manufacture, and sell a portfolio of vehicles for consumers, including sedans and sports utility vehicles.
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Saudi Arabia's HRH Crown Prince Mohammad bin Salman bin Abdulaziz Al Saud, Prime Minister, and Chairman of the Public Investment Fund (PIF) has announced the launch ofCeer, the Kingdom's first electric vehicle (EV) brand.
According to its release, the launch aligns with the country's efforts to boost its automotive manufacturing sector. It is also part of PIF's strategy todiversify the KSA's economy, as well as contribute to the country's efforts towards carbon emissions reduction and sustainability.
In a statement, Prince Salman said, "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 forlocal talent, enables the private sector, and contributes to increasing Saudi Arabia's gross domestic product (GDP) over the next decade, as part of PIF's strategy to drive the economic growth in line with Vision 2030."
As the first Saudi automotive brand to produce EVs in the country, Ceer will design, manufacture, and sell a portfolio of vehicles for consumers, including sedans and sports utility vehicles. With the launch of the company, the release noted that it is projected to attract over US$150 million of foreign direct investment and create up to 30,000 direct and indirect jobs.
The company is a joint venture between PIF and Hon Hai Precision Industry Co. (Foxconn), and it will license component technology from BMW for use in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles, whilst each vehicle will be designed and manufactured in Saudi Arabia and tested to global automotive quality control and safety standards.
The partnership is a significant step that combines expertise and vision, noted Young Liu, Chairman of Hon Hai Technology Group. "We will leverage Foxconn's technological expertise to support Ceer's vision of creating a range of iconicelectric vehiclesthat are built around the themes of connectivity, infotainment, and autonomy. We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region."
Ceer vehicles are expected to be in the market by 2025, and they are projected to directly contribute $8 million to KSA's economy by 2034.
