The Public Investment Fund (PIF) has announced that it will launch a new domestic electric vehicle (EV) brand, Ceer, to establish an important new economic pillar for the Kingdom.
Ceer is a joint venture between PIF and Taiwan’s Hon Hai Precision Industry, also well known as Apple’s primary manufacturing subcontractor Foxconn, which has developed an EV platform complete with powertrain and has established a number of EV JVs or manufacturing deals worldwide in recent years.
The establishment of the new EV business is consistent with Saudi Arabia’s strategy, outlined in its Vision 2030 program, to diversify its economy away from fossil fuels. A $9 billion high-tech manufacturing hub will be built in the Kingdom by Hon Hai, and will be used to create electronic equipment such as semiconductors and displays as well as EV components.
The establishment of the new EV business is consistent with Saudi Arabia’s strategy to diversify its economy away from fossil fuels
Hon Hai explained: “Ceer will be the first domestic automotive brand to produce EVs in Saudi Arabia. It will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia, the Middle East, and North Africa”.
The company proposes to manufacture a range of vehicles, including battery-powered sedans and SUVs, with the first launch scheduled for 2025.
While Foxconn will create the electrical architecture for the joint venture, BMW will provide component technology, resulting in a portfolio of products that will be at the forefront of infotainment, connectivity, and autonomous driving technologies.
Hon Hai revealed the vehicles will be designed and manufactured within Saudi Arabia.