After launching Saudi Arabia’s first electric car brand named Ceer in November. The company which is a joint venture between the Public Investment Fund (“PIF”) and Hon Hai Precision Industry Co. (“Foxconn”) has signed a land purchase agreement worth 359 million Riyals equivalent to approximately 92 million euros in King Abdullah Economic City (“KAEC”) which will be used to develop the Ceer manufacturing facility for electric vehicles.
A dedicated factory will be built on the land for the new electric car brand Ceer, with construction slated to start in early 2023.
This site has more than 1 million square meters. Upon completion, Ceer’s electric vehicle manufacturing facility will create thousands of immediate high-skilled jobs most of which will be filled by Saudi nationals.
Ceer electric vehicles are targeted to be available from 2025, meaning two years after construction of the manufacturing facility begins.
Ceer’s Chief Executive Officer, James DeLuca, said: “We have found a place that meets all our needs. KAEC offers us a great location with world-class logistics, effective access for our global and Saudi-based suppliers, and an ideal location to base and develop our future workforce. KAEC will become our manufacturing hub as we work towards creating the first electric vehicle brand for Saudi Arabia and the wider region and, in doing so, contribute in a meaningful way to Saudi Vision 2030.”
There are still not many details about the Ceer electric vehicles that will be sold in the MENA (Middle East and North Africa) region from 2025 – that is, in the Middle East and North Africa – this was stated when the brand launched in early November.
In March 2022, Lucid has confirmed the construction of a factory with an annual capacity of 155,000 EVs per year in King Abdullah Economic City. The Saudi sovereign wealth fund PIF (Public Investment Fund) has been a major investor in Lucid for many years.