Saudi Arabia’s sovereign wealth fund will cooperate with Foxconn Technology Group to produce electric vehicles, which is one of the industrial sectors that Saudi Crown Prince Mohammed hopes to create, and they hope this sector can free the Saudi economy from dependence on oil, to achieve diversification.
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Moreover, they will form a joint venture with Foxconn Technology Group and create an electric vehicle brand called Ceer. The brand will license BMW’s technology for components used to build cars. Foxconn will develop in-vehicle electronics with infotainment, connectivity, and autonomous driving technologies, the two sides said in a joint statement.
Ceer will develop sedans and sport-utility vehicles (SUVs) for the mass market, with a target of first deliveries in 2025, the parties said. Saudi Arabia’s Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, announced Thursday that it will form a joint venture with Apple supplier Foxconn to make electric vehicles in Saudi Arabia.
Moreover, Ceer, the first Saudi car brand to produce electric vehicles in Saudi Arabia, will design, manufacture and sell a range of vehicles, including sedans and sport utility vehicles, for consumers in Saudi Arabia and the MENA region.
PIF said the company’s cars will be available in 2025, adding that Ceer will attract more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs, and is expected to contribute $8 billion to Saudi Arabia by 2034 GDP.
PIF said in a statement that the joint venture “will license component technology from BMW and use it in the vehicle development process.” “Foxconn will develop the electrical architecture of these vehicles, and the resulting range of products will be used in infotainment, connectivity, and leading in the field of autonomous driving technology.”
“We will leverage Foxconn’s technological expertise to support Ceer’s vision to build a line of iconic electric vehicles around themes such as connectivity, infotainment, and autonomous driving,” said Foxconn Chairman Liu Yongkang, according to the PIF statement.
“We want to make electric vehicles mainstream, and that’s what Ceer will achieve in Saudi Arabia and the wider region,” he added. PIF did not disclose funding details, nor did it say how much the Ceer plant would cost.
