Ceer, the first Saudi electric vehicle brand a joint venture between the Public Investment Fund (PIF) and Foxconn, is yet to launch its first product but is confident that by 2034 it will on track to directly contribute 30 billion Saudi Riyals (Rs 65,820 crore) to Saudi Arabia’s GDP by 2034.
It was just recently, the Saudi Ministry of Industry and Mineral Resources has granted an industrial license to Ceer to build its manufacturing facility over one million square feet in King Abdullah Economic City’s Industrial Valley in Saudi Arabia.
The JV was launched last November under the patronage of Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister.
Jarrah bin Mohammed Al-Jarrah, the spokesperson for the Saudi Ministry of Industry and Mineral Resources, emphasised the strategic significance of the automotive industry within the context of the Kingdom’s national industrial strategy. With the global light vehicles market expected to double in the next decade, the automotive sector presents a compelling regional opportunity.
Al-Jarrah further highlighted that the automotive manufacturing industry will serve as a catalyst for other priority sectors such as minerals and chemicals. The development aligns with the Kingdom’s diversification goals and its ability to export to neighbouring markets and contributing to the growth of the non-oil economy.
In addition to direct economic benefits, the company says the development of a national automotive sector will also indirectly benefit the economy and the local industry in several ways, through knowledge transfer, industry localisation, the development of local content, and the creation of high-quality job opportunities for Saudi citizens.
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 region, including sedans and sports utility vehicles. The vehicles will be manufactured in King Abdullah Economic City and will be tested to the highest global automotive quality control and safety standards. The brand’s electric vehicles are scheduled to be available in 2025. Ceer’s factory will be state-of-the-art, featuring the latest technologies to ensure manufacturing efficiency whilst minimising energy and water usage. Ceer aims to attract over 562 million Saudi Riyals (Rs 1,233 crore) of foreign direct investment and create up to 30,000 direct and indirect jobs.
