Saudi Arabia’s sovereign wealth fund has formed a joint venture with Foxconn to build and sell EVs, the latest move by the nation to meet its Vision 2030 goal of reducing its dependence on oil and diversifying its economy.
The new company, called Ceer, will design, manufacture and sell a portfolio of EVs using BMW’s component technology, according to Thursday’s announcement. Foxconn, the Taiwanese manufacturing giant that makes Apple’s iPhones, is developing the electrical architecture of the vehicles, which Saudi Arabia says will lead to a “portfolio of products” in the areas of infotainment, connectivity and autonomous driving technologies.
The first EVs from the Ceer brand are expected come to market in 2025.
The Saudi Public Investment Fund, or PIF, said Ceer is the nation’s first EV brand and will attract more than $150 …
