Saudi wealth fund sets up electric car joint venture with Foxconn

Saudi wealth fund sets up electric car joint venture with Foxconn

Ceer "is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles," PIF said in a statement.











Reuters









November 04, 2022 / 07:17 AM IST





Foxconn



Saudi Arabia's sovereign wealth said on Thursday it will make electric cars in the kingdom under a joint venture with Apple supplier Foxconn as part of a push to build new industries and lessen dependence on oil.

Ceer "is the first Saudi automotive brand to produce electric vehicles in Saudi Arabia, and will design, manufacture and sell a range of vehicles for consumers in Saudi Arabia and the MENA (Middle East and North Africa) region, including sedans and sports utility vehicles," PIF said in a statement.

PIF said its cars would be available in 2025, adding Ceer would draw more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs and is projected to contribute $8 billion to the kingdom's GDP by 2034.

The joint venture "will license