As the global economy shifts toward zero-emission cars, Saudi Arabia also has announced a joint venture with Foxconn to manufacture and sell electric cars (EVs). The joint venture between Foxconn and the Public Investment Fund (PIF) of Saudi Arabia will operate under the name Ceer. Saudi’s sovereign wealth fund has taken the initiative to meet its Vision 2030 goal of reducing dependence on oil and diversifying its economy.
Saudi Arabia Partners With Foxconn to Make EVs:
Saudi Arabia has unveiled its first electric car brand and the electric vehicle will be available in the market in 2025. These vehicles will be produced in Saudi Arabia and will be offered for sale in the Middle East and North Africa (MENA) region from 2025. Furthermore, the joint venture set the economic target for the brand, Ceer is seeking to attract foreign direct investment of $150 million and create up to 30,000 direct and indirect jobs. The partners also want to develop an electric car portfolio that will lead the world in infotainment, connectivity, and autonomous driving.
The Chairman of Foxconn said the joint venture with PIF is an important foundation for Foxconn. it is a pleasure to establish a new automotive business in Saudi Arabia with a focus on designing and manufacturing electric vehicles. we will leverage Foxconn’s technological capabilities to develop a line of iconic electric vehicles built with concepts of connectivity, infotainment, and autonomy. Moreover, Ceer will be able to produce electric vehicles in Saudi Arabia and the rest of the region.
Saudi Arabia has keen Interest in EV Industry:
The Saudi Arabian government has a strong interest in the vehicle industry. Saudi Sovereign Wealth Fund PIF is focusing to create potential industries that can diversify the Saudi economy. In addition, according to the PIF, Ceer would sell SUVs and sedans in Saudi Arabia, the Middle East, and North Africa. Saudi Arabia isn’t just building a new automotive brand, it’s creating a new industry.
Saudia Arabia already owns a 17% share in Aston Martin and a 75% ownership in electric vehicles manufacturer Lucid Motors, which is also building a factory in Saudi Arabia that will have the capacity to produce 150,000 electric cars a year. The government of Saudi Arabia has committed to buying 100,000 Lucid electric cars over a ten-year period.
