iPhone maker Foxconn, Saudi Arabia enter EV market
iPhone maker Foxconn and Saudi Arabia’s sovereign wealth fund have formed a joint venture called ‘Ceer’ to build and sell electric vehicles.
The joint venture will license component technology from BMW to use in the vehicle development process.
Foxconn said in a statement that it will develop the electrical architecture of the vehicles which will lead to “a portfolio of products” in the areas of infotainment, connectivity and autonomous driving technologies.
