The first Saudi electric vehicle brand, Ceer created by Crown Prince Mohammed bin Salman of Saudi Arabia, reported on Thursday. Ceer is to sale in 2025. By 2034, Ceer will contribute $8 billion to the GDP of the country. To bring in over $150 million in foreign direct investment, according to SPA. The launch is consistent with Saudi PIF’s policy to concentrate on developing local promising sectors. The sole purpose is to strengthen economic ability under Vision 2030 goals.
The business will support Saudi Arabia’s initiatives to reduce carbon emissions and promote sustainability to combat. Ceer will develop, build, and sell a variety of vehicles for customers in Saudi Arabia. And the MENA area, including sedans and sports utility vehicles. Ceer is the first Saudi automotive brand to create electric vehicles in Saudi Arabia.
Ceer will draw more than $150 million in foreign direct investment and generate up to 30,000 direct and indirect jobs. By 2034, Ceer will also contribute to $8 billion to Saudi Arabia’s GDP.
The business, a joint venture between PIF and Hon Hai Precision Industry Co. (often known as “Foxconn”), will obtain a license from BMW to use component technology for the creation of vehicles. To create a range of products that will be at the forefront of entertainment, connection, and autonomous driving technologies. Foxconn will design the electrical architecture of the cars. The highest international standards for automotive quality control and safety will be met by each car built, and tested in Saudi Arabia.