Saudi Arabian crown prince Mohammed bin Salman announced the launch of Ceer, the country’s first electric vehicle brand on Thursday. Ceer will be a joint venture between Saudi Arabia’s Public Investment Fund (PIF) and Taiwanese electronics company Foxconn.
The joint venture company will license vehicle component technology from BMW for developing vehicles. These vehicles will be designed and manufactured in Saudi Arabia. A press statement from Ceer says that the first vehicles will be available in 2025.
According to Foxconn, Ceer aims to sell electric vehicles to customers in Saudi Arabia and the larger Middle East-North Africa region. This initiative is part of PIF’s efforts to diversify the country’s economy by investing in industries with promising growth.
