Ceer is a joint venture between the iPhone maker Foxconn and the kingdom’s Public Investment Fund (PIF). The company will create, produce, and market various electric vehicles, including sedans and sports utility vehicles, to customers in the MENA region.
The founding of Ceer is consistent with the Saudi Public Investment Fund’s mission, which focuses on developing local industry’s potential to aid in economic diversification.
“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 economic growth in line with Vision 2030,” Prince Mohammed said.
The company is expected to support Saudi Arabia’s domestic auto manufacturing industry. Furthermore, it will complement Saudi initiatives to lessen carbon emissions and promote sustainability to combat the effects of climate change.
Ceer to generate $8 billion for Saudi Arabia’s GDP by 2034
Saudi Arabia’s PIF invests in prospective growth industries as part of its aim to diversify Saudi Arabia’s GDP growth. Ceer will bring about US$150 million in foreign direct investment and generate up to 30,000 direct and indirect jobs. Furthermore, SPA reported that Ceer is expected to directly add $8 billion to Saudi Arabia’s GDP by 2034.
BMW component technology will be licensed by the business and used in producing Ceer vehicles. Meanwhile, Ceer’s electrical architecture will be developed by Foxconn. It is anticipated to produce a range of products at the forefront of infotainment, connection, and autonomous driving technologies.
Chairman of Hon Hai Technology Group (Foxconn), Young Liu, said:
“Foxconn is excited about our partnership with PIF to create a new automotive company that will focus on designing and manufacturing electric vehicles in and for Saudi Arabia. We will leverage Foxconn’s technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy. We want to make electric vehicles mainstream, and that is what Ceer is going to achieve in Saudi Arabia and the wider region.”
The strictest international safety and quality control standards for automobiles will be applied to each vehicle’s testing. In 2025, Ceer vehicles are expected to reach the market.