Saudi Arabia is watching with more and more; interest in the world of electric cars. As we know, among the initiatives that you are carrying out, there is; the investment in Lucid Motors through the Public Investment Fund (PIF) of Saudi Arabia which will bring; also to the construction of a factory of the American brand in Saudi Arabia.
Now, this country wants to go further and has announced the establishment of a joint venture with Foxconn to produce electric cars directly. Thus was born the new Ceer brand . This initiative is part of Saudi Arabia's strategy to reduce its dependence on oil.
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Specifically, the joint venture & egrave; was created among the PIF sovereign fund and the company of Taiwan. The fund showed that Ceer & egrave; the first Saudi car brand to “ produce electric vehicles within the country and design, produce; and sell & agrave; a range of vehicles for consumers in Saudi Arabia and the MENA region (Middle East and North Africa), including sedans and sports vehicles.
The first models will arrive on the market in 2025. The new company highlights the sovereign fund, will be; capable of attracting $ 150 million in foreign investment, will go to create up to 30 thousand new direct and indirect jobs and contribute; with $ 8 billion in the kingdom's GDP by 2034.
There is an interesting detail of this ambitious project and that is; the role of BMW . In fact, the joint venture will use a series of licensed components for its cars.from the German brand. The architecture of electric vehicles will be developed by Foxconn. So, Taiwan company will care to provide the platform for the cars that will be designed. A choice that is not surprising given that Foxconn already has; created a platform for electric that licenses manufacturers who intend to design their own battery-powered model.
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The goal is to achieve the creation of electric cars as points of reference in terms of connectivity, infotainment and autonomous driving. Crown Prince Mohammad Bin Salman commented:
Saudi Arabia is not just building a new car brand, we are building a new industry and a ecosystem that attracts international and local investments, creates opportunities; work for local talent, mobilize the private sector, and help increase Saudi Arabia's GDP over the next decade, as part of the PIF's strategy to drive economic growth in line with the Vision 2030 plan.
Unfortunately, several details are still missing from this ambitious plan. For example, we don't know the overall scope of the investment. Furthermore, nothing is; been told about the place where it will rise the factory where the electric cars will be made.
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