Ceer, Saudi Arabia’s first electric vehicle (EV) manufacturer, plans to roll out its first vehicle by late 2026, according to CEO Jim DeLuca. The company has already secured significant investments and partnerships, marking a pivotal step in the Kingdom’s plans to diversify its economy and advance sustainable transportation.
Ceer has signed 11 deals totaling SAR 5.5 billion ($1.4 billion) at the Public Investment Fund (PIF) Public Sector Forum in Riyadh, with 80% of the agreements involving Saudi businesses. These agreements are in addition to existing partnerships worth more than SAR 6.6 billion ($1.7 billion) with over 250 local companies, DeLuca revealed in an interview with Arabic daily Al Eqtisadiah.
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Ceer is a joint venture between Saudi Arabia’s $950 billion sovereign wealth fund, PIF, and Taiwanese electronics manufacturer Foxconn, with BMW providing critical component technology for vehicle development. In June 2024, Ceer secured a SAR 8.2 billion deal with South Korea’s Hyundai Transys to supply EV drive systems, helping to enhance power efficiency while reducing the size and weight of the vehicles.
The company plans to introduce two models initially: an SUV and a compact or small family-style car. A larger saloon and an executive vehicle are expected to follow. Both models will be unveiled in the fourth quarter of 2025, with deliveries scheduled to begin 12 months later from the $1.3 billion manufacturing plant located in King Abdullah Economic City. Once fully operational, the plant is projected to have an annual production capacity of 240,000 vehicles.
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Over the next decade, Ceer aims to attract over $150 million in foreign direct investment, create up to 30,000 jobs (both direct and indirect), and localize 45% of its product content. The company also expects to contribute $8 billion directly to Saudi Arabia’s GDP by 2034, DeLuca added.
The project is fully funded through 2034, with DeLuca indicating potential plans to list Ceer on the stock market in the future.