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.

Read also: CATL sodium-ion battery will enter extensive mass production by next year.

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.

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They will form a joint venture with Foxconn Technology Group and create an electric vehicle brand called Ceer. The brand will license BMW’s technology for components used to build cars. Foxconn will develop in-vehicle electronics with infotainment, connectivity and autonomous driving technologies, the two sides said in a joint statement.

Ceer will develop sedans and sport-utility vehicles (SUVs) for the mass market, the two parties said, targeting first deliveries in 2025.

Saudi Arabia’s Public Investment Fund (PIF), chaired by Crown Prince Mohammed bin Salman, announced that it will form a joint venture with Apple supplier Foxconn to make electric vehicles in Saudi Arabia.

"Ceer, the first Saudi car brand to produce electric vehicles in Saudi Arabia, will design, manufacture and sell a range of vehicles, including sedans and sport utility vehicles, for consumers in Saudi Arabia and the MENA region."

PIF said the company’s cars will be available in 2025, adding that Ceer will attract more than $150 million in foreign direct investment, create up to 30,000 direct and indirect jobs, and is expected to contribute $8 billion to Saudi Arabia by 2034 GDP.

PIF said in a statement that the joint venture “will license component technology from BMW and use it in the vehicle development process.” “Foxconn will develop the electrical architecture of these vehicles, and the resulting range of products will be used in infotainment, connectivity and leading in the field of autonomous driving technology.”

“We will leverage Foxconn’s technological expertise to support Ceer’s vision to build a line of iconic electric vehicles around topics such as connectivity, infotainment and autonomous driving,” said Foxconn Chairman Liu Yongkang, according to the PIF statement.

He added: “We want to make electric vehicles mainstream, which is what Ceer will achieve in Saudi Arabia and the wider region.”

PIF did not disclose funding details, nor did it say how much the Ceer plant would cost or where in the kingdom it would be built.

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