Called ‘Ceer’ it is the first Saudi electric vehicle brand that will support the country’s automotive manufacturing industry, It was announced in November by His Royal Highness Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF)
THE establishment of Ceer is in line with PIF’s strategy, which is to concentrate on enhancing the potential of locally promising industries that can stimulate economic diversification and help realize Vision 2030’s goals. Additionally, the business will support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability in order to mitigate the effects of climate change.
As part of the PIF’s strategy to propel economic growth in line with Vision 2030, His Royal Highness Crown Prince Mohammed bin Salman stated: “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 for local talent, enables the private sector, and contributes to increasing Saudi Arabia’s GDP over the next decade.”
In Saudi Arabia, Ceer is the first automaker to produce electric cars. The company will also design, produce, and market a variety of cars for Saudi Arabian and MENA consumers, including sedans and sports utility vehicles. Ceer will draw more than US$150 million in foreign direct investment and generate up to 30,000 direct and indirect jobs as part of PIF’s plan to diversify Saudi Arabia’s GDP growth by investing in promising growth industries. By 2034, Ceer is anticipated to directly contribute $8 billion to Saudi Arabia’s GDP.
The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (also known as “Foxconn”), will buy a component technology license from BMW for use in the manufacture of vehicles. The electrical architecture of the vehicles will be developed by Foxconn, resulting in a portfolio of products that will set the standard for infotainment, connectivity, and autonomous driving technologies.
Chairman of Hon Hai Technology Group, Young Liu, said: “Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia. We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that 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.”
The highest international automotive quality control and safety standards will be followed in the design, production, and testing of every vehicle in Saudi Arabia. 2025 is the anticipated release date for CEER vehicles.
#SAINDiplomacy #SaudiArabia #AutomotiveNews #Automotive #EconomyNews #Trade