Crown Prince Mohammad bin Salman bin Abdulaziz of Saudi Arabia on Thursday unveiled Ceer, the nation’s first automaker to design and produce electric vehicles.
The business is a partnership between Hon Hai Precision Industry Co., better known as Foxconn, and the Public Investment Fund (PIF) of the kingdom.
They’ll create, produce, and market a variety of automobiles, including sedans and sports utility vehicles, for buyers in the MENA region. Vehicle availability is anticipated to begin around 2025.
With more than $150 million in FDI from abroad, Ceer expects to generate up to 30,000 direct and indirect jobs.
By 2034, it is anticipated that the company will directly contribute $8 billion to Saudi Arabia’s GDP.
In order to employ BMW component technology during the creation of vehicles, the company will license it. Foxconn will develop the vehicles’ electrical architecture.
“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, as part of PIF’s strategy to drive the economic growth in line with Vision 2030,” Mohammed bin Salman said.
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.”
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