Saudi Arabia's public investment sovereign wealth fund just announced the launch of a new EV brand called the Ceer. The brand in question is a joint venture between Saudi Arabia's FIP and Taiwan-based company Foxconn.
The latter is responsible for the development of the electric vehicle platform together with the self-driving system and the infotainment system. Recently, Foxconn introduced its first vehicles under the Hon Hai brand about a week ago and showcased its infotainment system.
Chances are, the Ceer will use the aforementioned infotainment system and some of Foxconn's existing electric vehicle platforms. In addition, the Ceer will use some technology from BMW, but did not go into details about this, reports Arena Ev, Telegrafi reports.
Ceer plans to launch its first vehicles - a sedan and an SUV - by 2025 and to contribute around 8 billion euros to Saudi Arabia's GDP by 2034, providing 30,000 jobs in the process.
The new brand will focus primarily on the Middle East and North Africa before pursuing global availability. In fact, the Public Investment Fund is already the largest shareholder in Lucid - a US-based electric car company.
It controls 60% of the firm and is looking to build a manufacturing plant for Lucid as well as a battery factory for electric cars in Saudi Arabia. All these are initiatives aimed at reducing the country's dependence on oil by 2030. /Telegraph/
