On Thursday, the Saudi crown prince announced the launch of the first brand of electric vehicle company. The objective is to bring a broader push to diversify the world’s largest oil exporter’s economy. As Europe is constantly working to produce economy-friendly cars, Saudi has also decided to launch its brand.
According to the official Saudi Press Agency, the company named “Ceer” will contribute to Saudi Arabia’s effort. Towards reducing carbon emissions and promoting sustainability to address climate change’s impact. Moreover, Saudi Press Agency said that we would collaborate with Foxconn, China’s largest private sector company which will create the electrical architecture of the vehicles.
We will facilitate Foxconn’s technological expertise in a way to support Ceer’s vision of establishing a range of iconic eectric vehicles. It will based on the themes of connectivity, infotainment and autonomy, Foxconn Chairman Young Liu said, according to PIF’s statement.
In a contract, the Ceer will work on designing, manufacturing, and selling cars for consumers in Saudi Arabia and the Mena Region, including Sedans and sports utility vehicles. It will also lead in the areas of infotainment, autonomous driving, and connectivity. Not only this, but this project will help in providing 30,000 direct and indirect jobs.
According to the latest news of SPA, the project of Center vehicles will be available in 2025. In April, Saudi Arabia announced a deal with US-based Lucid motors. The aim is to establish a Kingdom factory to buy up to 100,000 electric vehicles over the next decade. Like the Lucid deal, Crown Prince Mohammed Bin Salman’s vision 2030 reform goal will als support Ceer.
The vision is to bring diversity to the economy, which the Saudi sovereign wealth fund oversees. In an interview, Mohammed Bin Salman said Saudi Arabia is not just planning to build a new automotive brand, but we are also launching a new industry.
The industry will help in creating job opportunities for local talent. We are establishing an ecosystem that attracts international and local investments and creates job options for individuals. Not only this, but the project will support the private sector and contributes to increasing Saudi Arabia’s GDP growth over the next decade.
Last year, environmental activists expressed scepticism when Saudi Arabia pledged to attain net zero carbon emissions by 2060. Currently, Saudi leaders have emphasized the requirement for more fossil fuel investment. Moreover, they claimed that prioritizing climate change at the price of energy security would worsen inflation and other economic problems.