The Strategist

Saudi Arabia sets up its own car brand



11/07/2022 - 13:51



Crown Prince Mohammed bin Salman of Saudi Arabia announced the opening of Ceer, the nation's first automaker. It will focus on electric vehicles, according to the Saudi Press Agency (SPA).



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According to Crown Prince, Saudi Arabia is "launching a new industry and ecosystem, not just a new сфк brand." He forecasted that during the coming ten years, they will "attract foreign investment, produce jobs for skilled fellow citizens, support the growth of the private sector, and raise GDP."

The Ceer brand will manufacture automobiles for both the domestic market and the Middle East, according to the SPA. $150 million in international investments are expected to be attracted. The project is anticipated to generate roughly 30 thousand jobs, and by 2034 it will be profitable to $8 billion.

Foxconn, a Taiwanese electronics firm, and the sovereign wealth fund of Saudi Arabia collaborated on the Ceer project. BMW component technology will be used under license by the brand in manufacturing. A "electric automobile architecture" will be created by Foxconn, and they will produce them in Saudi Arabia. In 2025, the first Ceer vehicles are anticipated to be sold.

The Saudi government transferred Saudi Aramco shares owned by the nation's sovereign fund for $80 billion in February. The stake was worth close to $ 80 billion at the time. The kingdom declared in July that an investment fund worth $80 billion would be established and used to pay for the enormous Neom project. The first stage of Neom's development, which would cost $320 billion, will reportedly be finished in 2030. The Saudi government will provide half of the total.

source: spa.gov.sa

 




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