The government of Saudi Arabia cooperates with Foxconn Technology Group to build an electric vehicle brand. The two companies will make an electric car which will be named Ceer.
Ceer plans to launch sedans and SUVs which are expected to start shipping its first models in early 2025.
Crown Prince Mohammed bin Salman wants to diversify the country’s economy to reduce its dependence on the oil industry and has invested heavily in Lucid.
Saudi Arabia considers now is the right time to join and take part in the electric vehicle competition by launching its own brand.
In addition to forming a joint venture with Faxconn, Saudi Arabia’s electric vehicles will also license component technology from BMW.
Meanwhile, Foxconn will develop infotainment, connectivity and autonomous driving technologies of future electric vehicles.
For your information, Foxconn has established relations with Saudi Arabia and has been in discussions since last year about establishing a multipurpose facility worth USD 9 billion.
The facility will be used to manufacture microchips and components for electric vehicles and other electronics.
Foxconn also offered to build two facilities in Neom that could support life in the new city founded by the Crown Prince of Saudi Arabia.
Saudi Arabia says Ceer can attract foreign countries to invest USD 150 million and can create job opportunities for as many as 30,000 people in electric vehicle manufacturing facilities.
Even so, there is no further information regarding whether this manufacturer will create electric cars in large quantities or will only sell high-end cars.
Ceer is said to have an opportunity in Saudi Arabia where the people fall into the upper middle class category who also like luxury cars with the best features and technology. So it is estimated that the cars produced are for the upper middle class.
Moreover, Ceer will use BMW’s electric vehicle technology which will focus on sedans and SUVs, which are known as luxury cars with high prices.