Posted on 07 Nov 2022
Saudi Arabia's Public Investment Fund (PIF) has launched a joint venture with Taiwanese manufacturer Foxconn (Hon Hai Precision Industry). The JV is named Ceer and is "the first Saudi electric vehicle brand that will contribute to Saudi Arabia’s automotive manufacturing sector."
According PIF's announcement on 3 November, Ceer will be mainly targeting Saudi Arabia and the rest of the Middle East as well as the Western Asia (MENA/WANA) region. The first batch of Ceer's EVs is expected to be on the market in 2025, Kallanish learns.
Ceer has received part of the technology authorisation from German carmaker BMW. Foxconn will be responsible for the development of electrical architectures, as well as "infotainment, connectivity, and autonomous driving technologies."
PIF estimates that Ceer will attract foreign direct investment of over $150 million, and directly contribute $8 billion to Saudi Arabia’s GDP by 2034.
It is also considered a strategy to construct a competitive domestic EV supply chain. PIF says: "Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards."
Saudi Arabia's Prince Mohammed bin Salman Al Saud says: "The launch comes in line with PIF’s strategy to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy, to help achieve the objectives of Vision 2030. In addition, the company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change."
Last month, Saudi Arabia announced it aims to export over 150,000 EVs in 2026 as part of its Vision 2030 strategy.
So far, information about the models haven't been disclosed in huge detail. PIF says: "Ceer will design, manufacture and sell a range of vehicles, including sedans and sports utility vehicles."
Source:Kallanish
