Ceer Motors

Ceer Motors is the first electric vehicle brand in the Kingdom of Saudi Arabia.[1] The company will design, manufacture, and sell a range of electric cars including sedans and sports utility vehicles (SUVs) for the GCC region.[2] Ceer Motors' distribution plan will focus on Middle Eastern markets [3] The brand name Ceer, translates to the Arabic word for "drive forward" [4] Ceer Motors vehicles are scheduled to be available in 2025.[5][6]

Ceer Motors
IndustryAutomotive
Founded2022 (2022)
Founder
Websiteceermotors.com

Creation

Ceer Motors is a partnership between the Saudi sovereign wealth fund PIF (Public Investment Fund) and the Taiwanese contract manufacturer Foxconn.[7] Saudi Arabia's sovereign-wealth fund is projected to partner with the biggest assembler of Apple Inc. iPhones to build a $9 billion facility that manufactures microchips, electric-vehicle components and other electronics.[8] The joint venture is part of an effort to create an industrial sector that Crown Prince Mohammed bin Salman expects to help accelerate efforts of diversifying the Kingdom's economy apart from being oil-dependant.[9][10]

The company will license component technology from BMW to use in the electric vehicle development process. Foxconn, formally known as Hon Hai Precision Co., will develop the electrical architecture of the products, resulting in a portfolio of vehicles that will lead in connectivity and autonomous driving technologies.[11]

Saudi 2030 Vision

The launch is in line with the Saudi Public Investment Fund's strategy that focuses on diversifying KSA's economy in line with the Saudi Vision 2030.[12]

Investments

Ceer Motors is projected to contribute directly with over $150 million of foreign investment to the Kingdom and offer up to 30,000 direct and indirect job opportunities.[13] This comes as part of PIF's strategy to expand Saudi Arabia's GDP growth by investing in local growth industries. By 2034, Ceer Motors is expected to contribute $8 billion to Saudi Arabia's GDP [14]

References
  1. "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  2. "Saudis launch first electric vehicle company". 5 November 2022.
  3. "Oil giant Saudi Arabia announces Ceer EV brand".
  4. "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  5. "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  6. "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  7. "Saudi Arabia presents its very own EV brand". 4 November 2022.
  8. "Apple supplier Foxconn in talks to build factory in Saudi Arabia - WSJ". Reuters. 14 March 2022.
  9. "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  10. "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  11. "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  12. "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  13. Swilam, Alaa; Saba, Yousef (3 November 2022). "Saudi wealth fund sets up electric car joint venture with Foxconn". Reuters.
  14. "Saudi Arabia's Crown Prince launches 'Ceer', the first Saudi electric vehicle brand". 3 November 2022.
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