Saudi Crown Prince launches Ceer

10x Industry

Mita Srinivasan
10x Industry
Published:

Saudi Crown Prince launches Ceer

A part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract over US$150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs and is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034. Ceer vehicles are scheduled to be available in 2025.

HRH Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister, Chairman of the Public Investment Fund (PIF) launched Ceer, the first Saudi electric vehicle brand in Saudi Arabia’s automotive manufacturing sector. The launch comes in line with PIF’s strategy to focus on unlocking the capabilities of promising sectors locally that can help drive the diversification of the economy and help achieve the objectives of Vision 2030. In addition, the new company will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and driving sustainability to address the impact of climate change.

His Royal Highness Crown Prince Mohammed bin Salman 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 in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the wider MENA region, including sedans and sports utility vehicles. A part of PIF’s strategy to diversify Saudi Arabia’s GDP growth by investing in promising growth industries, Ceer will attract over US$150 million of foreign direct investment, and create up to 30,000 direct and indirect jobs. Ceer is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034.

The company, which is a joint venture between PIF and Hon Hai Precision Industry Co. (Foxconn), will license component technology from BMW for use in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles, resulting in a portfolio of products that will lead in the areas of infotainment, connectivity and autonomous driving technologies. Each vehicle will be designed and manufactured in Saudi Arabia, and tested to the highest global automotive quality control and safety standards. Ceer vehicles are scheduled to be available in 2025.