Wednesday, July 24, 2024

Saudi Arabia launches ‘Ceer’, the first own EV vehicle brand

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Saudi Arabia launched Ceer, the first electric vehicle brand from the petrodollar country. According to the country’s news agency, SPA, on Thursday, November 3, this electric vehicle is expected to be available on the market in 2025.

Ceer is expected to attract more than US$150 million in foreign direct investment and contribute US$8 billion directly to the kingdom’s GDP by 2034.

The company is a joint venture between the Saudi Public Investment Fund (PIF) and Foxconn.

Previously, the Saudi Arabian Public Investment Fund, had also been the largest shareholder in the Lucid car factory, with an approximately 61% stake in the company.

Lucid Group Inc announced last April that it had signed an agreement with the Saudi Arabian government for the purchase of up to 100,000 vehicles over the next 10 years.

In his statement Lucid also said Saudi Arabia was committed to purchasing 50,000 vehicles under the agreement, with the option to purchase an additional 50,000 vehicles over a ten-year period.

This is proof and commitment of the world’s largest oil producing country to also follow the trend in the development of electric cars

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