As part of a larger initiative to diversify the economy of the largest oil exporter in the world, Saudi Arabia announced the introduction of its own brand of electric automobiles.
According to the official Saudi Press Agency, the business, known as Ceer, “will contribute to Saudi Arabia’s efforts towards carbon emissions reduction and promoting sustainability to address the impact of climate change.”
It is a collaboration with Foxconn, the largest employer in China’s private sector, which “will design the electrical architecture of the vehicles,” according to SPA.
In addition to sedans and sports utility vehicles, Ceer “will design, build, and distribute a range of automobiles for consumers in Saudi Arabia and the MENA area,” the business stated, adding that it was anticipated to create “30,000 direct and indirect jobs.”
According to SPA, Ceer vehicles “are anticipated to be available in 2025.”
Saudi Arabia and US-based Lucid Motors, which is establishing a factory in the country, announced a contract in April to buy up to 100,000 electric vehicles over the following ten years.
Similar to the Lucid transaction, Ceer is supported by the Crown Prince of Saudi Arabia’s Vision 2030 reform goal, which focuses on quick economic diversification, and which is overseen by the Saudi sovereign wealth fund.
Prince Mohammed stated, “Saudi Arabia is not just creating a new automotive brand; we are igniting a new industry and an ecosystem that attracts international and domestic investments, creates job opportunities for local talent, empowers the private sector, and contributes to raising Saudi Arabia’s GDP over the next ten years.”