Saudi wealth fund sets up electric car joint venture with Foxconn – Reuters

Saudi wealth fund sets up electric car joint venture with Foxconn – Reuters

Nov 3 (Reuters) - Saudi Arabia's sovereign wealth said on Thursday it will make electric cars in the kingdom under a joint venture with Apple supplier Foxconn (2317.TW) 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.