CAIRO: Saudi Arabia’s crown prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025, the state news agency (SPA) reported on Thursday.
Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the kingdom’s GDP by 2034, SPA added.
“The launch comes in line with the strategy of the Public Investment Fund (PIF) 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,” SPA reported.
The Crown Prince said: “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.”
Ceer is the first Saudi automotive brand to produce electric vehicles the Kingdom, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles, according to SPA.
Every Ceer vehicle will be designed and manufactured in Saudi Arabia and they are scheduled to be available in 2025.
The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said.
