Ceer Motors
IndustryAutomotive
Founded2022 (2022)
Founder
Websiteceermotors.com

Ceer Motors is an electric vehicle brand in Saudi Arabia.[1] It is the first EV brand in Saudi and includes Aedans and Sports Utility Vehicles (SUV's) for the GCC region.[2] Ceer Motors plans to distribute in Middle Eastern markets by 2025.[3][4][5] The brand name Ceer, translates to the Arabic word for "drive forward".[6]

History

Ceer Motors was formed through a partnership between the Saudi Public Investment Fund (PIF) and the Taiwanese contract manufacturer Foxconn.[7] Saudi Arabia's sovereign wealth fund is projected to partner with Apple Inc. to build a $9 billion facility that manufactures microchips, electric-vehicle components and other electronics.[8] The joint venture is part of an effort to diversify the Kingdom's economy apart from being oil-dependent, in line with the Saudi Vision 2030.[9][10][11]

The company will license component technology from BMW to use in the electric vehicle development process. Foxconn will develop the electrical architecture of the products.[12]

Investments

Ceer Motors is projected to contribute directly with over $150 million of foreign investment to the Kingdom and offer up to 30,000 direct and indirect job opportunities.[13] By 2034, Ceer Motors is expected to contribute $8 billion to Saudi Arabia's GDP.[14]

References

  1. ↑ "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  2. ↑ "Saudis launch first electric vehicle company". 5 November 2022.
  3. ↑ "Oil giant Saudi Arabia announces Ceer EV brand".
  4. ↑ "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  5. ↑ "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  6. ↑ "Foxconn: IPhone maker bets on electric truck firm Lordstown Motors". BBC News. 8 November 2022.
  7. ↑ "Saudi Arabia presents its very own EV brand". 4 November 2022.
  8. ↑ "Apple supplier Foxconn in talks to build factory in Saudi Arabia - WSJ". Reuters. 14 March 2022.
  9. ↑ "HRH Crown Prince Launches Ceer, the First Saudi Electric Vehicle Brand | the Embassy of the Kingdom of Saudi Arabia".
  10. ↑ "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  11. ↑ "Foxconn Partners with Saudi Wealth Fund to Build Electric Cars". Bloomberg.com. 3 November 2022.
  12. ↑ "Saudi Arabia to Build Electric Vehicles with Apple Supplier Foxconn".
  13. ↑ Swilam, Alaa; Saba, Yousef (3 November 2022). "Saudi wealth fund sets up electric car joint venture with Foxconn". Reuters.
  14. ↑ "Saudi Arabia's Crown Prince launches 'Ceer', the first Saudi electric vehicle brand". 3 November 2022.
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