Saudi Arabia launches its first electric vehicle brand

Thursday, 3 November 2022 19:52

By ARN News Staff

Saudi Arabia's Crown Prince Mohammed bin Salman has launched Ceer, the first Saudi electric vehicle brand, expected to be available in 2025.

Ceer will attract over $150 million of foreign direct investment and is projected to directly contribute $8 billion to the Kingdom's GDP by 2034, the state news agency SPA reported on Thursday.

It is also expected to create up to 30,000 direct and indirect jobs.

The company is a joint venture between Saudi Public Investment Fund (PIF) and Hon Hai Precision Industry Co. (Foxconn), SPA said.

HRH Crown Prince Launches #Ceer, the First Saudi Electric Vehicle Brand. https://t.co/nKl5GvYcdW #DrivingTheFuture #SPAGOV pic.twitter.com/cX3tlYumiM
— SPAENG (@Spa_Eng) November 3, 2022

More from Business

UAE Central Bank support package reaches AED 6.2 billion

The Central Bank of the UAE (CBUAE) has announced the key outcomes of its comprehensive support package designed to strengthen the resilience of financial institutions.
Dubai Holding picks 15 scale-ups from 1,400+ applicants for sustainability challenge

Dubai Holding, a diversified global investment company with investments in more than 30 countries, has announced the 15 bold scale-ups selected for its 'Innovate For Tomorrow' impact accelerator programme.
ADNOC backs UAE's AED1 billion National Industrial Resilience Fund

ADNOC has become the first partner to support the UAE Cabinet's newly announced AED1 billion National Industrial Resilience Fund (NIRF) following a trilateral agreement signed at the 'Make it in the Emirates' 2026.
Trump sets deadline for EU to comply with trade deal or face 'much higher' tariffs

US President Donald Trump has announced on Thursday that he would give the European Union until July 4 to implement trade deal commitments before he raises tariffs on EU goods, including cars, to "much higher levels."