A new EV brand by the name CEER is born to the Saudi Arabia Public Investment sovereign wealth Fund in partnership with Foxconn. The new brand will make use of technology and intelligence from Foxconn’s arsenal on the coming vehicles that it will produce. Some information on this coming brand and its plans for the future are currently available to the public.
Although the Saudi Arabia Public Investment sovereign wealth Fund owns up to 60% share in Lucid, this coming brand will be their first indigenous EV brand. The production process for this new EV brand will commence immediately, and the brand aims to launch the first line of products sometime within the year 2025. The brand doesn’t limit itself to one type of car production, as it will make both sedans and SUVs, which will be available for purchase in Asia and North Africa before expanding to other regions.
For the coming CEER vehicles, the manufacturer intends to use the technology we see on BMW cars as well as smart features from Foxconn. The latter will concern itself with the development of the infotainment system as well as the autonomous driving system. Shortly, we will get to see the advancement of this new EV brand and once available their products will move into an already competitive market to struggle for recognition among customers outside its country of origin.
By 2023 CEER is to contribute up to $8 billion to the GDP of Saudi Arabia by providing more than 30,000 jobs and attracting investors from around the world. The blooming growth of the EV sector will help Saudi Arabia’s new EV brand achieve a milestone in the coming years. This will also reduce the region’s dependency on crude oil and shift attention to a more renewable and cleaner form of energy.