Saudi Arabia Fund strikes JV with Foxconn to build EV brand CEER

Saudi Arabia PIF (Public Investment Fund) and Hon Hai Precision Industry Co.  (“Foxconn”) have launched a joint venture ‘Ceer’, which is the first Saudi electric vehicle brand and will contribute to Saudi Arabia’s automotive manufacturing sector.

The move comes as a part of PIF’s strategy to diversify Saudi Arabia’s GDP growth.

Highlights of the announcement:

Ceer will design, manufacture and sell a portfolio of EVs for consumers in Saudi Arabia and the MENA region, including sedans and sports utility vehicles.

Ceer vehicles are scheduled to be available in 2025.

The company will license component technology from BMW for use in the vehicle development process.

Foxconn will develop the electrical architecture of the vehicles.

The announcement by made by Crown Prince Mohammad bin Salman bin Abdulaziz, Prime Minister and Chairman of the Public Investment Fund (PIF).

Each vehicle will be designed and manufactured in Saudi Arabia and tested to the highest global automotive quality control and safety standards. Ceer will attract over US$150 million of foreign direct investment and create up to 30,000 direct and indirect jobs; the company is projected to directly contribute US$8 billion to Saudi Arabia’s GDP by 2034, said an official statement.

Chairman of Hon Hai Technology Group, 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.”