Ceer will attract over USD 150 million of foreign direct investment and create up to 30,000 direct and indirect jobs. Moreover, the company is projected to contribute USD 8 billion direct GDP to Saudi Arabia’s economy by 2034.
Ceer is a joint venture between PIF and Foxconn, with BMW as the component technology provider in the vehicle development process. Foxconn will develop the electrical architecture of the vehicles, leveraging their technological expertise to support Ceer’s vision of creating a range of iconic electric vehicles that are built around the themes of connectivity, infotainment and autonomy.
Ceer’s establishment and launch are in line with Saudi Arabia’s Vision 2030 and PIF’s strategy to focus on investing in promising growth industries in Saudi Arabia, including the automotive sector, as well as creating opportunities for the growth and diversification of Saudi Arabia’s economy. We are proud to be the first Saudi brand to manufacture electric vehicles in the Kingdom.
